Garlinghouse Blames Democrats for CLARITY Act Failure
Ripple CEO Brad Garlinghouse has expressed disappointment over the Senate's failure to invoke cloture on the CLARITY Act, which aimed to provide clarity on cryptocurrency regulations in the US. He blamed Democratic politics for the setback, calling them the 'anti-crypto army' that prioritized party interests over good policy.
Garlinghouse promised to release a post-mortem analysis of the bill's failure and expressed optimism about crypto regulation in the country. He noted that despite the setback, the SEC and CFTC will continue to work towards issuing rules to fill the legislative gap.
The CLARITY Act had been seen as an opportunity for the US to cement its position as a leader in cryptocurrency regulations. However, all Democratic senators voted against the motion to invoke cloture on the bill, citing concerns that it didn't do enough to rein in President Trump's crypto 'corruption'.
Garlinghouse emphasized that Ripple's business has never been stronger, with real demand across traditional finance and the crypto ecosystem. He also pointed out that a missed vote doesn't change their momentum or customers.