Ripple CEO Brad Garlinghouse Calls on US Lawmakers to Accelerate Efforts to Establish a Clear Regulatory Framework for Stablecoins

In a May 9 statement shared on social media platform X (formerly Twitter), he emphasized the growing global adoption of stablecoins and warned that the US risks losing its competitive edge without urgent action.

U.S. lawmakers should move faster to pass legislation setting clear rules for stablecoins, said Ripple CEO Brad Garlinghouse.

In a May 9 post on X, formerly Twitter, Garlinghouse said that the technology is already being widely adopted globally.

He argued that the country risks falling behind if it doesn’t act quickly.

“While there’s bipartisan support for a federal stablecoin bill & the U.S. lags behind, I’m hopeful Congress will act swiftly to pass legislation setting clear rules for stablecoins.

Garlinghouse added that the technology is already being widely adopted globally due to its practical use cases, and that delays could hamper the country’s ability to benefit from the technology’s full potential.

His comment follows the U.S. Senate’s failure to pass the GENIUS Act, which would introduce a federal approach to stablecoin regulation.

On May 8, lawmakers voted 49–48 against advancing the bill, effectively stalling its progress. A revised version is expected to be introduced in the coming weeks.

The vote drew criticism from U.S. Treasury Secretary Scott Bessent, who described it as a missed opportunity.

According to Bessent, the GENIUS Act could have enhanced U.S. influence while reinforcing the dollar’s dominance in a shifting financial landscape. He added:

“This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation.

Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness.”

Growing stablecoin adoption

Garlinghouse’s call to action comes as stablecoin usage soars to historic highs.

Unlike volatile digital assets like Bitcoin, stablecoins are typically pegged to fiat currencies like the U.S. dollar, offering greater price stability and practical utility 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, highlighting their growing role in the digital economy.

As a result, traditional financial institutions are beginning to take notice of its significance. Over the past month, companies including Stripe and Meta have signaled increasing interest in the stablecoin sector, reflecting its rising importance in the broader financial ecosystem.