Brad Garlinghouse, CEO of Ripple, has expressed concerns that unclear cryptocurrency regulations are negatively impacting U.S. innovation and consumers by driving technology and economic benefits overseas. He made these remarks during a testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
"The legal and regulatory uncertainty surrounding crypto has prohibited meaningful progress in the U.S," said Garlinghouse. "The lack of clear rules of the road can be weaponized to target good actors. Technology, jobs and tax dollars that go with it are pushed offshore. This has severely harmed American businesses, investors, and - of most concern - consumers."
Recent developments in U.S. cryptocurrency regulation have seen significant legislative activity and changes in enforcement strategies. In July 2025, House Republicans launched "Crypto Week," advancing three major bills—the CLARITY Act, the Anti-CBDC Surveillance State Act, and the bipartisan GENIUS Act—aimed at creating a more favorable regulatory environment for the crypto industry. These measures seek to clarify oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), prohibit the issuance of a central bank digital currency, and regulate stablecoin issuers.
In 2023, according to reports, the U.S. Internal Revenue Service (IRS) collected over $5 billion in cryptocurrency-related taxes, reflecting increased enforcement and reporting requirements. Additionally, approximately 40% of small-to-medium enterprises (SMEs) in the U.S. began accepting cryptocurrency payments, indicating growing mainstream adoption. The U.S. enforces capital gains taxes on cryptocurrency transactions with rates ranging from 10% to 37%, depending on income brackets.
Examples of strict enforcement under Gary Gensler’s leadership at the SEC include a notable increase in crypto-related lawsuits and investigations. Many industry leaders and lawmakers argue this approach stifles innovation and forces companies overseas. According to Cointelegraph, Gensler’s SEC initiated 125 crypto enforcement actions between 2021 and 2024—an 80% increase from the prior administration—leading to over $6 billion in penalties and settlements. Representative Tom Emmer and other critics accuse Gensler of inventing new legal terms like "crypto asset security" to expand the SEC’s jurisdiction without Congressional approval, describing his approach as "lawless" and overly punitive.
Garlinghouse was born in 1971 in Kansas and is currently CEO of Ripple Labs, a financial technology company specializing in blockchain and cryptocurrency solutions. He earned a bachelor's degree in economics from the University of Kansas and an MBA from Harvard Business School. Before joining Ripple in 2015, he held executive roles at Yahoo!, AOL, and Hightail (formerly YouSendIt), where he became known for authoring the "Peanut Butter Manifesto," advocating for a more streamlined business approach.