Alderoty Stays Bullish on XRP Despite CLARITY Act Failure

Ripple's chief legal officer, Stuart Alderoty, remains optimistic about XRP despite the failure of the Digital Asset Market Clarity Act to pass in the U.S. Senate.

The bill aimed to clarify the regulatory status of cryptocurrencies in the country, but it fell short of the required 60 votes, unable to advance.

Alderoty took the opportunity to remind the crypto community that both Ripple and XRP 'stand on settled ground,' referencing a 2023 federal court ruling that established XRP is not a security.

The ruling came after years of litigation between Ripple and the Securities and Exchange Commission (SEC), which had sued the company for offering unregistered securities to investors via the sale of XRP tokens.

Alderoty expects the SEC and CFTC to set out clear rules, noting that both regulatory agencies have referred to XRP as a digital commodity in a joint interpretation issued in March.