During his appearance at the ultra-exclusive CfC St. Moritz conference in the Swiss Alps, Ripple CEO Brad Garlinghouse addressed a widening rift in the industry.
The tension centers on the Digital Asset Market CLARITY Act, a massive Senate bill intended to define the roles of the SEC and CFTC.
Just hours before a scheduled Senate Banking Committee markup, Coinbase CEO Brian Armstrong shocked the community by pulling his company’s support. He called the draft “materially worse than the status quo.”
As reported by U.Today, Armstrong had opposed the bill due to a “de facto ban” on tokenized stocks, limits on stablecoin reward as well as privacy concerns.
“Fair concerns”
Speaking during a panel titled “Oil and Water? Are Crypto Companies Compatible With Traditional Public Markets?” on January 15, Garlinghouse revealed that he was “surprised” by how “vehemently” Coinbase rejected the bill.
At the same time, Garlinghouse has acknowledged that Armstrong had raised “fair concerns.”
Despite the Coinbase exit, Garlinghouse claimed the “rest of the industry” (including Ripple, Circle, Kraken, and a16z) is “leaning in” and attempting to work through the issues constructively.
Despite the Coinbase exit, Garlinghouse claimed the “rest of the industry” is “leaning in.”
Earlier, Garlinghouse expressed optimism about the contentious bill before it was eventually derailed by Coinbase.
