Ripple's CEO, Brad Garlinghouse, shared in a Jan. 3 Twitter thread he's “cautiously optimistic” about the United States gaining "breakthrough" regulatory clarity for the cryptocurrency industry in 2023.

Garlinghouse said the U.S. was not starting with a “blank slate” for regulation, referencing bills such as the Securities Clarity Act, the Responsible Financial Innovation Act (RFIA) and the Clarity for Digital Tokens Act as examples.

According to the Ripple CEO, "the stakes couldn’t be higher." He added “no bill is perfect and there likely never will be one that satisfies everyone” and attempts to pursue a perfect bill shouldn't stall Congress' progress in creating crypto regulations and legislation.

The U.S. is behind Singapore, the European Union (EU), Brazil, and Japan when it comes to crypto legislation and regulations Garlinghouse opined.

He claimed the lack of a coordinated effort to implement a regulatory framework both globally and in the U.S. "continues to push business to countries [with] lower regulatory bars" resulting in "sometimes catastrophic results," citing the Bahamian-headquartered FTX as an example.