Brad Garlinghouse, the CEO of Ripple, is optimistic that the United States government will make strides towards creating clear cryptocurrency regulations by 2023.

In a Twitter post, Garlinghouse noted that there is bipartisan support for regulation, and cited various bills that have been proposed, such as the Securities Clarity Act, the Responsible Financial Innovation Act, and the Clarity for Digital Tokens Act.

He went on to point out that other countries, such as Singapore, the European Union, Brazil, and Japan, have managed to create comprehensive regulatory frameworks for the industry, while the US has lagged behind.

Garlinghouse also said that businesses have turned to countries with less strict regulations, which has led to “catastrophic results” such as the collapse of FTX.

Ripple is currently in the middle of a legal battle with the US SEC, which has accused it of selling XRP as an unregistered security. Garlinghouse believes that the case will be resolved sometime during the first half of 2023.