Ripple CEO Brad Garlinghouse is set to testify before the US Senate Banking Committee on July 9, 2025, during a hearing focused on the future of digital asset markets.
Titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” the session will reportedly address the regulatory environment surrounding cryptocurrencies, with particular emphasis on proposed legislation like the GENIUS Act and the CLARITY Act.
The hearing will be led by Senate Banking Committee Chairman Tim Scott, with pro-crypto Senators Cynthia Lummis, and lawmaker Ruben Gallego overseeing the Subcommittee on Digital Assets.
This testimony follows significant legal developments for Ripple, especially a ruling in July 2023 by a US District Court, which determined that XRP, Ripple’s associated token, is not classified as a security when sold to the general public, although it may be treated as such in certain institutional scenarios.
On June 26, 2025, Judge Analisa Torres reaffirmed this ruling by rejecting a proposed settlement agreement between Ripple and the Securities and Exchange Commission (SEC), maintaining that XRP is not a security in most contexts.
This move signals a potential resolution to a protracted dispute that has lasted several years, allowing Ripple to refocus on its primary mission: building the “Internet of Value.”
By withdrawing the cross appeal, Ripple aims to expedite the conclusion of its lengthy legal battle, which has loomed over the company and the broader cryptocurrency landscape.
This legislation could be beneficial for Ripple, particularly for its RLUSD stablecoin, as it seeks to create a regulatory framework for stablecoins that mandates issuers to maintain equivalent reserves and comply with specific operational standards.
The bill is now awaiting consideration in the House of Representatives, further indicating a significant shift in the regulatory approach to digital assets in the US.
Featured image from DALL-E, chart from TradingView.com
