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Brad Garlinghouse, CEO of Ripple, said that the company enables global financial institutions to enhance cross-border payments and efficiency through digital technology. He made this statement during a testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
"Ripple was founded more than a decade ago with a mission: to enable the Internet of Value — a world where money moves like information does today," said Garlinghouse. "We build software products that power cross-border payments, stablecoins, and digital custody. Ripple helps financial institutions reduce friction, unlock efficiencies, and serve their customers better. We work everyday with banks that rely on our technology to deliver real results in the global economy."
The United States is advancing its regulatory framework for digital assets, particularly stablecoins, with the GENIUS Act recently passed by the Senate. This legislation aims to integrate stablecoin issuers into the Bank Secrecy Act's Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, enhancing transparency and compliance. According to Reuters, in response to these developments, companies like Ripple have applied for national banking licenses to align with federal regulations and gain access to the Federal Reserve’s payment systems. This move reflects a broader trend of crypto firms seeking deeper integration into the traditional financial system.
