Ripple CEO: The negotiations for the Clarity Act are tough, but an agreement on stablecoins and the cryptocurrency industry is about to be reached.

Gate News reports that Ripple CEO Brad Garlinghouse stated that while the legislative negotiation process for the Clarity Act has been challenging, a final agreement is imminent. In an interview with Fox Business, he pointed out that the U.S. needs to pass this bill as soon as possible to solidify its position as a global cryptocurrency hub. Garlinghouse expressed confidence in reaching a consensus, thanks to recent discussions with legislative experts in Washington.

Currently, cryptocurrency executives, bank representatives, and regulators are negotiating the bill at the White House, with the core dispute centered on whether stablecoins should be allowed to pay interest to customers. Banks are concerned that if crypto companies offer higher returns, it could lead to deposit outflows. JPMorgan CEO Jamie Dimon also emphasized that if crypto companies pay rewards in stablecoins, they should be regulated similarly to banks.

President Trump has supported the push for legislation in the crypto industry this month, warning banks not to obstruct the Clarity Act, and noting that if issues are not resolved quickly, innovation may flow to China and other countries. He stated that Americans should have the opportunity to “make more money with their money,” emphasizing the importance of stablecoins and crypto assets for the future financial ecosystem. Garlinghouse believes that once the legislation is passed, large financial institutions will be more actively engaged in the crypto market, and traditional banks will benefit from it.

He pointed out that stablecoins are becoming an important tool for banks and large enterprises to enter the crypto space, and since President Trump signed the Genius Act last year, companies like Visa, Mastercard, Amazon, and BlackRock have accelerated their issuance of stablecoins and related business expansions. Garlinghouse described the market’s interest in stablecoins as similar to the Chat GPT event in the crypto space, serving as a crucial entry point for users into blockchain and digital asset solutions.

Starting in 2024, Ripple has launched its own stablecoin, closely tied to XRP, to provide diverse financial services for institutional and retail users. Garlinghouse is optimistic that the Clarity Act will promote the development of stablecoins and drive the integration of the crypto industry with traditional finance, and he anticipates that the bill will be finalized by the end of May.