Ripple Affirms XRP Status Amid Senate Clarity Act Failure

Ripple's Chief Legal Officer, Stuart Alderoty, has reaffirmed that XRP is not a security after the U.S. Senate failed to pass the Clarity Act.

The bill aimed to provide clarity on cryptocurrency regulations but was rejected by the Senate with a vote of 49-50, falling short of the required 60 votes.

Alderoty cited a 2023 federal court ruling and recent regulatory interpretations by the SEC and CFTC, which designated XRP as a digital asset commodity in March this year.

Ripple's CEO, Brad Garlinghouse, expressed disappointment over the Senate's decision but remains optimistic that progress can still be made on U.S. crypto regulation through rulemaking rather than legislation.