Ripple Calls for Crypto Unity Amid CLARITY Act Setback

Ripple's Chief Legal Officer Stuart Alderoty is calling for unity among crypto companies and advocacy groups in the face of a setback for the CLARITY Act. The bill, which aimed to establish uniform federal standards for digital assets, failed to advance in the U.S. Senate with a 49-50 vote on September 15.

Alderoty framed the result as a political setback rather than a rejection of crypto adoption or federal regulation. He urged the industry to learn from the outcome and work together to present a unified message to lawmakers and regulators.

The failure of the CLARITY Act leaves the crypto market structure without clear guidelines, with ongoing disputes over federal securities and commodities rules for digital asset markets. Alderoty noted that the industry has 'too many voices pushing too many messages' and called for a single voice through one megaphone to deal with lawmakers.

Ripple has supported the bill as it provides consumers with protections and gives digital asset businesses clearer operating rules. The company's CEO Brad Garlinghouse had previously expressed support for the legislation, which was revised multiple times during negotiations but ultimately fell short of the required threshold.