Miami Beach, FL — Ripple CEO Brad Garlinghouse has been closely following the U.S. Senate’s progress on the Crypto Market Structure bill, and he said it’s not a “done deal” as the next two weeks could be crucial to the legislation’s chances.
“If that doesn’t happen, I think the probability is going to drop precipitously,” Garlinghouse said Tuesday at Consensus 2026 in Miami. But he said he still thinks it’s likely, and the next step would be scheduling the long-awaited Senate Banking Committee hearing to “mark up” the bill and move it to the next step.
Senators at the center of negotiations over the Digital Assets Market Clarity Act last week revealed the latest compromise on a major sticking point – stablecoin yield – that should allow the banking panel to plan the hearing.
“Do I think it’s perfect? Hell, no,” Garlinghouse said. “There are compromises to be made, but I think clarity is better than chaos.”
The stablecoin compromise seeks a balance that allows crypto companies to pursue certain rewards programs without offering yield-producing stable accounts that resemble the interest-bearing deposits of banks that support U.S. loans. Crypto insiders generally agreed it was acceptable, but a coalition of banking groups said this week the deal “is not up to par.”
The Ripple CEO said the importance of the Clarity Act lies in continuing support for pro-crypto policies already established at the U.S. Securities and Exchange Commission by Chairman Paul Atkins, who replaced a crypto-resistance predecessor, Gary Gensler. Without legislation, Atkins’ successor can simply change these policies.
“There will be another Paul Atkins after Paul that we don’t know which side they’re going to fall on,” Garlinghouse said. “I hope the trend line has moved far enough away that we can’t go back no matter what, but codified in law it means you can’t go back.”
Also at Consensus, Garlinghouse predicted that the stablecoin market would reach $3 trillion by 2031. Ripple Labs launched its own stablecoin, in 2024. The current market is worth around $320 billion, led by Tether’s USDT.
