CLARITY Act Falls Short: CFTC Steps Up to Fill Regulatory Void
The US Senate's rejection of the CLARITY Act has left the crypto industry reeling. Despite falling short by just one vote, Ripple's CEO Brad Garlinghouse remains optimistic about the company's momentum.
Garlinghouse acknowledged that the defeat was a setback, but emphasized that it wouldn't change Ripple's legal footing, international presence, customer base, or business momentum. He pointed to a 2023 federal court ruling and a joint SEC-CFTC interpretation from March 2026 as evidence of XRP's settled status.
XRP plummeted nearly 12% after the Senate vote, but some analysts see potential for gains. EGRAG Crypto mapped a long-term target zone between $6.19 and $8.07, with an extreme target near $17 if momentum accelerates beyond that zone.
The failure of the CLARITY Act has shifted attention to the CFTC's next move under Chairman Michael Selig. Selig previously instructed staff to prepare alternative crypto-market rules using the agency's existing authority, and now analysts expect the SEC and CFTC to begin working on new rules in earnest.