Ripple CEO Predicts Turning Point for US Crypto Rules Ahead of Crucial Senate Vote
Ripple CEO Brad Garlinghouse believes that US crypto rules are nearing a turning point. This comes as the CLARITY Act is set to be voted on by the Senate on September 15. The bill aims to clarify when digital assets fall under securities or commodities oversight and define how regulatory authority should be divided between the SEC and CFTC.
The CLARITY Act has been a contentious issue, with various stakeholders weighing in on its proposed provisions. Some have expressed concerns that the bill may not provide sufficient clarity for market participants, while others see it as a necessary step towards establishing clear regulatory guidelines.
In related news, the SEC and CFTC issued joint guidance in March covering several crypto asset categories and transactions. The interpretation addressed staking, mining, wrapping, and airdrops, reaffirming that the Howey test remains the controlling legal precedent.