Garlinghouse Says Crypto Can Thrive Without CLARITY Act

Ripple CEO Brad Garlinghouse said that cryptocurrency's long-term development will not depend on the passage of the CLARITY Act, despite his support for federal market-structure legislation. He argued that superior crypto technology can endure a setback in Congress.

Garlinghouse made these comments during an appearance at a digital-asset event in Kansas City, where he discussed the potential for cryptocurrency to continue growing even if the CLARITY Act fails. He noted that when 'you have a technology that's better, faster, stronger... that usually wins.'

The Senate had previously rejected cloture on the motion to proceed to H.R. 3633, which would have divided digital-asset oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission. The vote was seen as a setback for Ripple, which had been a strong supporter of the legislation.