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Brad Garlinghouse says the cryptocurrency industry may be closer than ever to achieving long-sought regulatory clarity in the United States, but warns the job isn’t finished yet. Speaking at the Semafor World Economy event, he pointed to rising frustration among policymakers as a sign that compromise is finally within reach.

Garlinghouse says crypto policy is nearing a turning point

Indeed, Garlinghouse framed the current moment as a breaking point for lawmakers. In his words, real progress tends to happen when pressure builds to the maximum. As he explained:

“Some of the smartest people in Washington, insiders that I know, have said to me: ‘When people are at their peak frustration, that’s when they finally compromise and it gets done.’ I think we’re there.”

He highlighted a recent joint statement from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) as a major shift.

According to him, the coordination between the two regulators marked the end of what many in crypto viewed as an enforcement-heavy era. Garlinghouse described the move as “groundbreaking,” arguing it signals a more aligned and rational approach to crypto oversight in the US. In his words:

“I think what happened two weeks ago at the SEC and CFTC coming together as a joint statement was truly groundbreaking in a bunch of ways. And, from my point of view, it ended an era of lawfare against this industry, which turns out didn’t have the support of what the law actually said, so I think that was profound.”

CLARITY Act remains the missing piece

Despite the progress, Garlinghouse stressed that regulatory guidance alone isn’t enough. Without legislation like the CLARITY Act, future policy shifts could undo recent gains.

He warned that without “codified legislative permanence,” the industry could face another regulatory reset under different leadership. That risk keeps the push for formal law at the center of industry efforts.

At the same time, Garlinghouse acknowledged his optimism has cooled slightly compared to earlier expectations. Though he still believes the CLARITY Act is critical, the timeline remains uncertain.

The comments come as he marks 11 years at Ripple, reflecting on how the industry has evolved. 

What started as a push for adoption has turned into a prolonged fight for clear rules, one that may finally be approaching a decisive moment.