Brad Garlinghouse, CEO of Ripple, said U.S. digital asset legislation could shift more crypto activity back onshore and give financial institutions greater confidence to adopt blockchain-based infrastructure. Speaking in a June 11 Fox Business interview, Garlinghouse framed the Clarity Act as a potential catalyst for U.S. growth, while rejecting criticism that the bill would weaken compliance standards or allow the industry to avoid regulation.
Ripple CEO Says Clarity Act Could Spur US Growth
Garlinghouse’s comments came during a discussion about the Clarity Act, a digital asset market structure bill being debated in Washington. Fox Business host Maria Bartiromo noted that Galaxy had assigned a 60% probability to the bill passing before the August recess, down from an earlier estimate, and referenced JPMorgan Chase CEO Jamie Dimon’s opposition to parts of the legislation. Dimon has criticized crypto for years and, in the interview discussion, was described as objecting to provisions that would allow crypto companies to pay rewards.
Garlinghouse argued that Dimon’s position should be viewed in the context of JPMorgan’s existing payments business. “First, I think you have to recognize that Jamie Dimon has been dismissing this industry for a decade. He’s called it a Ponzi scheme. He’s called Bitcoin a pet rock,” Garlinghouse said. “And if you look at JP Morgan, they generate $20 billion of revenue from their payments business and over $5 billion of profit. So I think Jamie Dimon also should be clear that he is trying to protect and dig a deeper boat for a business that’s extremely profitable for them.”
The Ripple CEO also pushed back on the idea that the Clarity Act would reduce oversight. He said Coinbase CEO Brian Armstrong represents Coinbase’s interests rather than the entire crypto sector, but added that Dimon’s broader critique mischaracterized what the industry is seeking. “At the end of the day, I think what Jamie Dimon did a disservice around when he did that interview with you, which I think was a great interview, is that he’s representing that this reduces compliance concerns or it actually makes it easier to do bad things. And that’s just not true,” Garlinghouse said. “It’s either intentionally misrepresentation or even negligent to try to make support for the Clarity Act go away.”
Garlinghouse Sees Regulation Unlocking Adoption
Garlinghouse said the primary benefit of a clearer U.S. framework would be to bring more activity under domestic supervision rather than leaving it offshore. “Start with the consumer. Ninety percent of crypto trading right now is offshore, not in the United States. That isn’t protecting US consumers,” he said. “We actually want that to be and have protections by adopting frameworks so that more of that happens domestically. That is a step, you know, a positive step.”
For Ripple, Garlinghouse said the more direct impact would be on enterprise adoption, particularly among banks, payment providers, prime brokerage customers and corporates. He argued that regulatory certainty would allow finance executives to engage with digital asset infrastructure without fear that a future regulator could reverse course. “When something like the Clarity Act gets passed, that certainty allows CFOs and treasurers and bank executives to lean in where right now they might be a little bit nervous that a future regulator, a future Gary Gensler, who really was attacking this industry, could rekindle some of those attacks,” Garlinghouse said. “And so the Clarity Act really puts that to bed.”
Garlinghouse also connected the policy discussion to Ripple’s current business growth. He said Ripple expects to end the year with a billion-dollar revenue run rate, excluding XRP held on its balance sheet, with much of the company’s recent expansion occurring outside the United States. He highlighted Ripple Treasury, described as infrastructure that gives CFOs a consolidated view of bank accounts, currencies and liquidity across markets, as a major growth area. Garlinghouse said CFOs are increasingly asking how stablecoins could fit into that workflow, adding that RLUSD, Ripple’s stablecoin, has become a top-five stablecoin after launching about 18 months ago.
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