Ripple CEO Brad Garlinghouse detailed a significant shift in Washington's stance toward cryptocurrencies following a meeting at the White House with President Donald Trump, representatives from federal regulatory agencies, and leaders of the financial industry. Official video from the meeting shows Trump listening to recommendations from executives of cryptocurrency companies, traditional financial institutions, and regulators.
"So excited to be back at the White House today," Garlinghouse wrote in an August 19 post on X. He characterized the meeting as recognition that digital assets have matured into a politically and economically significant sector, stating:
"The big picture has never been clearer: 67 million Americans own crypto today (that's nearly 1 in 4!). Crypto isn't a fringe industry. And Washington knows crypto-interested voters are alive and well."
The meeting covered legislative issues for digital assets, capital formation, tokenization, and U.S. technological competitiveness. A White House meeting report on crypto also detailed calls for the Senate to advance the CLARITY Act bill, which would establish federal market structure rules for digital assets.
The Ripple CEO added:
"The incredible commitment from the current President to innovation and digital asset leadership in the U.S. makes a huge difference. The future looks bright."
The figure cited by Garlinghouse broadly referred to the industry including many types of crypto assets, such as blockchain-based coins, tokens, stablecoins, and meme coins.
The 67 million estimate was drawn from a National Crypto Association report, "The State of Crypto Holders 2026," which estimated the proportion of holders as one in four U.S. adults, not one in four Americans overall. Harris Poll surveyed 10,000 self-identified crypto owners from February 12 to March 3, then weighted and extrapolated those responses, rather than counting confirmed wallets or accounts. Ripple's Chief Legal Officer Stuart Alderoty is president of the association behind this data.
CFTC Meeting Brings Together Crypto and Traditional Finance
Policy discussions continued on August 20 at the inaugural meeting of the Commodity Futures Trading Commission's (CFTC) Technology Advisory Committee. The agenda included crypto regulation, artificial intelligence, and prediction markets, covering regulatory duplication, inconsistent interpretations, consumer protection, and the lack of a comprehensive federal market structure framework.
Following the committee meeting, Garlinghouse highlighted the presence of representatives from Nasdaq, CME Group, Cboe, the New York Stock Exchange, Options Clearing Corporation, and Depository Trust and Clearing Corporation. In an August 22 assessment on X, the Ripple head noted:
"Everyone was unanimous. Rules written for another era no longer work. Not for consumers. Not for businesses. Not for innovation."
The committee advises the CFTC on technology, legal, policy, and financial matters but does not make laws. Garlinghouse's statement that clear rules have "never been closer" reflects his assessment of the current political dynamics and does not mean lawmakers have reached a final agreement.
Seven-Year Campaign Faces Uncertain Senate Vote Outcome
Garlinghouse linked these meetings to a July 30, 2019, open letter from Ripple to Congress, which urged lawmakers to distinguish among digital currencies and avoid regulation that disadvantages responsible U.S. companies.
Referencing CFTC Chairman Michael S. Seelig, he stated:
"I laid out these arguments in an open letter to Congress back in 2019. Seven years later we STILL need clear rules... Thanks to the Trump Administration, appointees like Chairman Seelig, and many brave leaders in Congress, we've never been closer to our goal."
Congressional negotiations have not yet produced a result, as Senate Democrats contest the current structure of the CLARITY Act. Among their concerns are the President's financial conflicts of interest, anti-fraud standards, consumer protection, anti-money laundering measures, and market manipulation safeguards.
Ripple Pressures Lawmakers as Regulators Prepare Own Rules
Ripple leadership continues its public campaign in support of the CLARITY Act, arguing federal standards will provide stronger safeguards and clearly delineate regulatory responsibilities. Garlinghouse advocated moving the bill forward despite unresolved disagreements, while Alderoty urged lawmakers not to leave consumers under the existing regulatory structure.
Earlier in the legislative process, Garlinghouse called the bill a key opportunity for U.S. digital asset policy. His latest comments reflect growing confidence after the White House and CFTC meetings, although the bill itself still needs Senate approval.
On August 20, Seelig separately told the advisory committee that the agency could act within its existing authority. He directed staff to prepare a crypto market regulatory regime that would not depend on the CLARITY Act's passage, providing exchanges a potential path to federal regulation even if the Senate blocks the bill.
The securities regulator is acting in parallel, leveraging its existing authority. On August 18, the Securities and Exchange Commission (SEC) proposed federal placement mechanisms for certain crypto investment contracts under its Crypto Asset Regulation, including a one-time $5 million exemption for startups and a Tier 2 exemption capped at $75 million over 12 months. Issuers would need to provide descriptive disclosures, and at the higher tier, audited financial statements. Placements under the exemption would not require state-level registration. The 60-day comment period begins after Federal Register publication, and no changes take effect until the SEC adopts a final rule.
