CLARITY Act Gains Momentum as 7-10 Dems Signal Support

The CLARITY Act is gaining momentum in the US Senate, with 7 to 10 Democrats now ready to vote in favor of the legislation. This shift in numbers brings the total votes to at least 58, with the possibility of reaching 60 if all go through. The bill has been a long-time coming and would establish clear regulation for digital assets, drawing a line between commodities and securities.

The CLARITY Act has sat on the Senate Legislative Calendar since June, awaiting floor time to be voted on. Senator Cynthia Lummis recently revealed that major financial institutions such as BlackRock, Goldman Sachs, Fidelity, Franklin Templeton, and SoFi have all publicly backed the legislation.

With this new development, XRP is among the assets that stand to benefit most from the CLARITY Act. The bill would place XRP's commodity status into law, granting the CFTC jurisdiction over spot markets for sufficiently decentralized assets. This regulatory clarity removes one of the primary obstacles to institutional adoption of XRP.