Ripple CEO Urges Banks to Act in Good Faith

Brad Garlinghouse, chief executive officer at Ripple, has stated that banks need to act in “good faith” when it comes to the landmark cryptocurrency deal known as the Clarity Act. 

The door to the deal is currently “wide open,” according to the Ripple boss, after weeks of back-and-forth. 

Earlier, there was some reporting that Patrick Witt, the White House digital asset advisor, was aiming to pass the legislation by March 1 (and failing to do so). The crypto legislation could be at risk of falling apart if Coinbase’s Brian Armstrong does not change his mind.

However, the American Bankers Association and the Bank Policy Institute are apparently still actively involved in the talks, and they are currently providing their input. 

Clarity is better than chaos 

As reported by U.Today, Armstrong vehemently rejected the Senate bill, arguing that it was even worse than the “status quo.” He took issue with several provisions, especially the one that pertains to stablecoin rewards and yield. The legislation draft that was rejected by Armstrong would effectively prohibit several reward structures. 

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At the same time, Garlinghouse opted for a more pragmatic approach, noting that clarity is still better than chaos despite the fact that the bill was not perfect. He has warned the broader cryptocurrency industry not to let perfection get in the way of progress. 

Last week, the Ripple boss opined that the cryptocurrency legislation had an 80% chance of passing by the end of April. 

Earlier this month, Armstrong told CNBC that there was a “path forward” for the stablecoin bill. However, it remains to be seen whether the parties will be able to iron out their differences.