Garlinghouse Backs CLARITY Act as Senate Vote Nears

Ripple CEO Brad Garlinghouse is urging the US Senate to pass the CLARITY Act, calling it a serious policy deal. Treasury Secretary Scott Bessent praised the bill's final text, saying it protects community banks and US stablecoin leadership.

Garlinghouse noted that President Trump agreed to ethics provisions included in the bill, which also includes developer protections and a Treasury circuit breaker for stablecoin deposit flight. He said senators worked hard on this text and should not view it as something they are merely settling for.

The Senate vote on the CLARITY Act is nearing, but Senate Democrats are reportedly preparing a counterproposal, which has lowered the odds of the bill passing. Analysts predict that Democratic support could lift prices for assets like Bitcoin, Ethereum, and XRP, while a failed vote could trigger a drop in crypto markets and crypto-linked stocks.