Ripple chief executive Brad Garlinghouse says the United States is nearing a decisive moment on cryptocurrency regulation after meetings with President Donald Trump, federal regulators and financial leaders in Washington.
Garlinghouse attended a White House meeting where cryptocurrency executives, traditional financial institutions and regulators presented recommendations to Trump. Official video from the meeting showed the president receiving views on the future of digital assets and the wider financial system.
“Great to be back at the White House today,” Garlinghouse wrote in an 19 August post on X.
The discussions covered digital asset legislation, capital formation, tokenisation and the United States’ technological competitiveness. Participants also called on the Senate to advance the CLARITY Act, legislation intended to establish federal market structure rules for digital assets.
Garlinghouse presented the meeting as evidence that cryptocurrency has become an industry of political and economic importance. His estimate of 67 million US crypto owners referred broadly to a market that includes blockchain-native coins, tokens, stablecoins and memecoins.
The figure comes from the National Cryptocurrency Association’s 2026 State of Crypto Holders Report, which found that one in four US adults owned cryptocurrency. The report did not measure one in four Americans in general, as the figure was based on adults.
The Harris Poll surveyed 10,000 self-identified cryptocurrency holders between 12 February and 3 March. The findings were then weighted and extrapolated, rather than being based on verified wallets or accounts. Ripple chief legal officer Stuart Alderoty is president of the association behind the estimate.
The policy debate continued on 20 August at the Commodity Futures Trading Commission’s first Innovation Advisory Committee meeting. Its agenda included cryptocurrency regulation, artificial intelligence and prediction markets.
Members also discussed overlap between regulators, inconsistent interpretations of existing rules, consumer protection and the lack of a comprehensive federal market structure framework.
After the meeting, Garlinghouse highlighted the participation of Nasdaq, CME Group, Cboe, the New York Stock Exchange, the Options Clearing Corporation and the Depository Trust and Clearing Corporation.
In an assessment posted on X on 22 August, he said clear rules for the industry had “never been closer”. The comment reflects his view of the current political momentum, rather than confirming that lawmakers have reached a final agreement.
The advisory committee provides the CFTC with advice on technology, law, policy and finance. It cannot pass legislation.
Garlinghouse linked the recent meetings to Ripple’s open letter to Congress, published on 30 July 2019. That letter urged lawmakers to distinguish between different types of digital currencies and avoid rules that would put responsible US companies at a disadvantage.
He also referred to Commodity Futures Trading Commission chairman Michael S. Selig in discussing the next stage of the regulatory process.
However, negotiations in Congress remain unresolved. Senate Democrats have challenged the current CLARITY Act framework, raising concerns about presidential financial conflicts, anti-fraud standards, consumer protections, safeguards against illicit finance and measures to tackle market manipulation.
Ripple executives have continued to campaign publicly for the legislation. They argue that federal standards would offer consumers stronger protection while creating clearer responsibilities for regulators.
Garlinghouse has backed progress on the bill despite the outstanding disagreements, while Alderoty has urged lawmakers not to leave consumers under the existing regulatory system. Earlier in the legislative process, Garlinghouse described the CLARITY Act as a pivotal opportunity for US digital asset policy.
The bill still requires a Senate vote.
Selig separately told the advisory committee on 20 August that the CFTC could act using powers it already possesses. He instructed agency staff to prepare a cryptocurrency market regime that would not depend on the CLARITY Act, potentially giving exchanges a federal route even if the Senate fails to move the legislation forward.
The Securities and Exchange Commission has taken a parallel approach using its own existing authority. On 18 August, it proposed federal offering routes for certain crypto investment contracts under Regulation Crypto Assets.
The proposal includes a one-time exemption for start-ups seeking up to $5m and a Tier 2 exemption capped at $75m over 12 months. Issuers would need to provide narrative disclosures, while offerings using the higher tier would also require audited financial statements.
Exempt offerings would not need state registration. A 60-day public comment period will begin after publication in the Federal Register, and none of the proposed changes will take effect unless the SEC adopts a final rule.
