March 5 News: Ripple CEO Brad Garlinghouse recently reiterated that passing the “Clear Act” will help protect Americans’ financial interests and urged industry leaders to engage in pragmatic negotiations with banks. He stated on X that this message is “very pointed, aimed at protecting the greatest interests of Americans,” while emphasizing that clear policies are far better than regulatory chaos. Garlinghouse estimates there is an 80% to 90% chance the bill will pass by the end of April and believes sincere negotiations among all parties could still lead to a compromise.
The White House has also recently warned large banks not to undermine the “Clear Act” during negotiations, especially when announcing record profits and using the bill as a bargaining chip. Garlinghouse pointed out that lawmakers should push for clearer policies to reduce uncertainty in the cryptocurrency market.
Meanwhile, the United States’ largest compliant CEX CEO Brian Armstrong and his executive team visited the White House to discuss digital asset regulation. Armstrong has previously called for more explicit rules for crypto companies operating in the U.S., while JPMorgan Chase CEO Jamie Dimon’s views have sparked controversy. Dimon advocates that digital assets generating payment yields should be subject to the same regulations as banks, stating, “If you hold a balance and pay interest, it becomes a bank.”
In response, White House cryptocurrency advisor Patrick White dismissed Dimon’s view, saying that paying interest does not necessarily trigger banking-style regulation. Digital asset services should have tailored rules rather than automatically falling under bank regulation. He emphasized that relying solely on banking standards cannot meet the industry’s unique characteristics.
As the legislative deadline approaches, discussions among policymakers, regulators, and industry groups continue. Garlinghouse once again called on banks to show sincerity, participate in negotiations, and noted that the smooth progress of the “Clear Act” will benefit Americans and provide clear direction and long-term development security for the cryptocurrency market.
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