Ripple CEO Brad Garlinghouse has called on American legislators to accelerate the efforts to set up a clear regulation framework for stablecoins.
In a statement of 9 May shared on social media platform X (formerly Twitter), he emphasized the growing global acceptance of stable coins and warned that the US runs the risk of losing his competitive advantage without urgent action.
Garlinghouse pointed to the rapid integration of stablecoins in worldwide markets, which states that practical use cases feed their widespread acceptance. He noted that delays in adopting clear rules can hinder the ability of the country to take advantage of the full potential of technology.
The comment follows the failure of the US Senate to continue with the Genius Act, a proposed bill that would introduce a federal approach to the regulation of the Stablecoin.
On May 8, American legislators voted 49-48 against promoting the bill, so that progress effectively escapes. A revised version is expected to be introduced in the coming weeks.
The vote attracted sharp criticism from the American Minister of Finance Scott Bessent, who described the decision as a missed opportunity.
According to Bessent, the Genius Act could have improved American influence and at the same time strengthen the dominance of the dollar in a shifting financial landscape. He added:
“This bill is a one -off opportunity to expand the dominance of dollars and the influence of the US in financial innovation.
Without this, Stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness. “
Stablecoin adoption
Garlinghouse’s call for action comes when the use of the Stablecoin use reaches historical levels.
In contrast to volatile digital assets such as Bitcoin, Stablecoins are usually linked to Fiat currencies such as the US dollar, which offer greater price stability and practical use in payments and cross-border transactions.
According to data from A16Z Crypto, Stablecoin Transaction Volumes reached a record high of $ 1.82 trillion in March 2025, which emphasized their growing role in the digital economy.
As a result, traditional financial institutions are starting to take cognizance of its meaning. In the past month, companies such as Stripe and Meta have indicated an increasing interest in the Stablecoin sector, which reflects the rising interest in the broader financial ecosystem.