Ripple CEO Brad Garlinghouse said U.S. cryptocurrency regulatory clarity is closer than ever and Washington’s approach has changed markedly over the past decade. His comments followed the first meeting of the U.S. Commodity Futures Trading Commission’s Innovation Advisory Committee, chaired by Michael Selig, where crypto firms and traditional finance executives participated. Garlinghouse said the group agreed old rules were insufficient. He also cited recent SEC and CFTC moves and Ripple’s long legal fight with the SEC.

The U.S. Commodity Futures Trading Commission said it will move to develop cryptocurrency market structure rules under its own authority if congressional legislation is delayed. Chair Michael S. Selig told staff to review rules within the agency’s current powers while maintaining that passage of the bipartisan Clarity Act remains the top priority. He said the CFTC could establish a regulatory framework covering exchanges, leverage and margin trading, and on-chain finance protocols.