Ripple CEO Brad Garlinghouse maintains a level of skepticism regarding the passing of significant cryptocurrency legislation in the US before the upcoming presidential election in November. While acknowledging the Biden Administration’s softened stance on crypto, Garlinghouse predicts that tangible regulatory advancements are unlikely to occur until 2025.

Garlinghouse acknowledges the slow and cautious nature of legislative progress, expressing his satisfaction with recent developments in the US crypto industry. However, he believes that passing the necessary legislation may require waiting until after the election or potentially even the first half of next year.

Recently, President Joe Biden fulfilled his promise to veto a crypto legislation that had been approved by both the House and Senate. This particular bill aimed to reverse the guidance provided by the US Securities and Exchange Commission (SEC), which required certain companies to classify crypto assets as liabilities on their balance sheets, even if they were holding these assets on behalf of customers.

The legislation, predominantly supported by Republicans, received approval in the House with 228 votes in favor and 182 against, with 21 Democrats supporting it as well. Subsequently, the bill passed in the Senate with a vote of 60 to 38, with 11 Democrats joining forces with Republicans.

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