Ripple CEO Vows Undeterred Amid CLARITY Act Vote Failures
The US Senate failed to advance the Digital Asset Market CLARITY Act on Tuesday, falling short of the 60 votes needed. The bill aimed to divide oversight between the CFTC and SEC and introduce disclosure rules for 'ancillary assets.'
Ripple CEO Brad Garlinghouse says the setback stings but won't change his company's plans. He argues that consumers and American competitiveness in digital finance were affected, pointing out that Democratic politics got prioritized over good policy.
Garlinghouse expects the SEC and CFTC to continue rulemaking to fill the gap left by Congress. Ripple will remain involved in this process.
Garlinghouse's Chief Legal Officer, Stuart Alderoty, pointed out that XRP's legal footing remains unchanged after a 2023 federal court ruling found it not to be a security and a joint interpretation from the SEC and CFTC named it a digital commodity.