Ripple CEO Brad Garlinghouse has confirmed he will appear before the U.S. Senate Banking Committee to testify on the evolving crypto market structure. Ahead of the hearing, he shared a PDF link to his prepared remarks via X, outlining Ripple’s vision under the theme “Building Tomorrow’s Digital Asset Markets.”

Garlinghouse began by addressing the Senate Committee on Banking, Housing, and Urban Affairs. He introduced Ripple as a global leader in facilitating cross-border payments, especially for banks and financial institutions. He emphasized that Ripple builds its software products around the XRP Ledger (XRPL) and its native token, XRP.

According to Garlinghouse, Ripple uses XRP to power fast, scalable, and low-cost transactions. He aimed to show the Senate that XRP has real-world value, particularly in international payments.

XRP Powers More Than Just Payments

He stressed that Ripple’s technology does more than process cross-border payments. It also supports digital custody solutions and stablecoin operations. Garlinghouse portrayed XRP as the engine behind these services.

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Garlinghouse also pointed out Ripple’s commitment to regulatory compliance. He revealed that Ripple operates under more than 60 licenses for payments, money transmission, and crypto services, including in the United States. He reassured lawmakers that Ripple works closely with both U.S. and international regulators.

SEC Lawsuit and Landmark Legal Victory

The Ripple CEO recounted the 2020 SEC lawsuit, where the agency accused Ripple of offering unregistered securities. Garlinghouse highlighted that Ripple became the first major crypto firm the SEC sued. He explained that the company ultimately prevailed in court, with the judge ruling that XRP is not a security in and of itself. He added that this ruling has since helped other crypto firms fight similar cases.

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Garlinghouse concluded by urging the Senate to pass comprehensive crypto legislation. He said the proposed bill would bring much-needed clarity by defining when digital assets should be treated as securities or commodities. He argued that such legislation would help the U.S. reclaim its position as the global hub for crypto innovation.