Ripple’s Brad Garlinghouse addresses Treasury’s Bessent and calls for clear crypto and stablecoin regulation

By: bitcoin ethereum news|2025/05/09 17:15:02

Ripple CEO Brad Garlinghouse has called for urgent legislative clarity around digital assets and stablecoins in the United States. This comes in response to US Treasury Secretary Scott Bessent’s comments on the stalled progress of the GENIUS Act in the Senate. The proposed bill failed to pass a Senate vote late Thursday after several Democrats who had supported it earlier defected. In a May 9 X post, Garlinghouse asked lawmakers to help the US to “catch up” in crypto regulation. “ Stablecoins are exploding globally for their real-world applications ,” he wrote. “ The sooner that the US can pass workable, clear rules, the faster it reaps the benefits of this technology. “ His post was a direct reply to a message from Bessent, who was disappointed after the Senate failed to advance the GENIUS Act. “ For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity... Senators who voted to stonewall US ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore ,” the Treasury Secretary beckoned. Setback in the Senate over GENIUS Act On Thursday, the Senate failed to pass a procedural vote that would have moved the GENIUS Act closer to becoming law. The vote, which required support to end debate and advance the legislation, faltered when several pro-crypto Democrats unexpectedly opposed cloture. Among them were Ruben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Andy Kim (D-NJ), Kirsten Gillibrand (D-NY), and Angela Alsobrooks (D-MD). Both Gillibrand and Alsobrooks were originally co-sponsors of the bill. “ While we’ve made meaningful progress on the GENIUS Act, the work is not yet complete, and I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn’t yet finished ,” Senator Warner explained. Without a federal framework, stablecoins remain under a patchwork of state-level rules that pro-crypto enthusiasts say stifle innovation and America’s competitiveness. In response to Garlinghouse’s post, one X user surmised, “ They will pass the law. They need a larger vehicle to stuff the national debt into. Stablecoins are that vehicle. They will continue to dollarize the world with stablecoins .” Ripple sees end to legal battle with SEC CEO Garlinghouse’s call for regulatory clarity comes against the backdrop of news that Ripple’s legal battle with the US Securities and Exchange Commission could come to an end. In a joint court filing on Thursday, Ripple Labs and the SEC requested a federal judge in Manhattan to dissolve an existing injunction and settle financial penalties totaling over $125 million. According to the agreement, $50 million would be paid to the SEC, while the remaining $75 million would be returned to Ripple. The SEC stated that the decision “rests on its judgment that such resolution will facilitate the commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry.” In August 2023, Torres ordered Ripple to pay $125 million, substantially less than the amount originally pursued by the SEC. Commissioner Caroline Crenshaw opposed the agreement, saying that it weakens courts in interpreting securities law. “This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public,” Crenshaw stated. The Trump administration has made clear its intentions to end what it calls “regulation by enforcement” for crypto. Since Trump’s inauguration, the SEC has either dropped or suspended several high-profile lawsuits, including those against Coinbase Global Inc. and Binance Holdings Ltd. Meanwhile, Ripple’s XRP token is in an ongoing market consolidation. The token is currently trading around $2.14, according to CoinGecko updates. Technical analysts note that XRP is stuck within a falling wedge pattern, with the 21-day moving average acting as an upper resistance. Cryptopolitan Academy: Coming Soon – A New Way to Earn Passive Income with DeFi in 2025. Learn More Source: https://www.cryptopolitan.com/ripples-brad-garlinghouse-addresses-bessent/

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BeatSwap is evolving towards a full-stack Web3 infrastructure, covering the entire lifecycle of IP rights.

The core product "Space" is scheduled to launch in Q2 2026, driven by SocialFi

BeatSwap, a global Web3 Intellectual Property (IP) infrastructure project, is attempting to overcome the current fragmentation limitations of the Web3 ecosystem, building a full-stack system that covers the entire lifecycle of IP rights.

Currently, most Web3 projects are still in the stage of functional fragmentation, often focusing only on a single aspect, such as IP asset tokenization, transaction functionality, or a simple incentive model. This structural dispersion has become a key bottleneck hindering the industry's scale application.

BeatSwap's approach is more integrated, integrating multiple core modules into the same system, including:

· IP authentication and on-chain registration

· Authorization-based revenue sharing mechanism

· User-engagement-driven incentive system

· Transaction and liquidity infrastructure

Through the above integration, the platform builds an end-to-end closed-loop path, allowing IP rights to complete a full cycle of "creation, use, and monetization" within the same ecosystem.

Expanding from Web3 to a broader market: Restructuring the music industry's supply-demand structure

BeatSwap is not limited to existing crypto users but is attempting to take the global music industry as a starting point, actively creating new market demand. Its core strategies include:

Exploring and incubating music creators (Artist discovery)

Building a fan community

Igniting IP-centric content consumption demand

The current global music industry is valued at around $260 billion, with over 2 billion digital music users. This means that the potential market corresponding to the tokenization and financialization of IP far exceeds the traditional crypto user base.

In this context, BeatSwap positions itself at the intersection of "real-world content demand" and "on-chain infrastructure," attempting to bridge the structural gap between content production and financial flow.

"Space" to Launch in Q2 2026: Building the Core of SocialFi

BeatSwap's upcoming core product "Space" is scheduled to launch in the second quarter of 2026. This product is defined as the SocialFi layer in the ecosystem, aiming to directly connect creators with users and achieve deep integration with other platform modules.

Key designs include:

A fan-centric interactive mechanism

Exposure and distribution logic based on $BTX staking

User paths connected to DeFi and liquidity structures

Thus, a complete user behavior loop is formed within the platform: Discovery → Participation → Consumption → Rewards → Trading

$BTX Token Mechanism: Evolving from an Incentive Tool to a Value Carrier

$BTX is designed to be a core utility asset within the ecosystem, rather than just a simple incentive token, with its value directly tied to platform activity and IP use cases.

Main features include:

· Yield distribution based on on-chain authorized actions

· Value reflection based on IP usage and user engagement dynamics

· Support for staking and DeFi participation mechanisms

· Value growth driven by ecosystem expansion

With the increased frequency of IP use, the utility and value support of $BTX will enhance simultaneously, helping alleviate the "disconnect between value and utility" issue present in traditional Web3 token models to some extent.

Accelerating Global Exchange Layout: Enhancing Liquidity and Accessibility

Currently, $BTX has been listed on several mainstream exchanges, including:

Binance Alpha

Gate

MEXC

OKX Boost

As the launch of "Space" approaches, BeatSwap is actively pursuing more exchange listings to further enhance liquidity and global accessibility, laying a foundation for future market expansion.

Beyond Web3: Aiming for a Larger-Scale Integration of Content and Finance Markets

BeatSwap's goal is no longer limited to the traditional Web3 narrative but aims to target over 2 billion digital music users and a trillion KRW-scale content market.

By integrating content creators, users, capital, and liquidity into a blockchain framework centered around IP rights, BeatSwap is striving to build a next-generation infrastructure focused on "IP tokenization."

Conclusion

BeatSwap integrates IP authentication, authorization distribution, incentive mechanism, transaction system, and market construction to establish a unified structure that bridges the full lifecycle path of IP rights.

With the launch of the Q2 2026 "Space," the project is expected to become a key infrastructure connecting content and finance in the IP-RWA (Real World Assets) track.