Ripple's XRP Token Unfazed by CLARITY Act Blockade

Ripple's XRP token has been affected by the recent legislative deadlock of the CLARITY Act in the US Senate. The bill, which aimed to regulate digital assets, was blocked with a 49-50 vote on September 15.

The price of XRP plummeted 7.95% over the past 24 hours, dropping to $1.29. However, Ripple's Chief Legal Officer Stuart Alderoty remains bullish on the token's prospects. According to him, the token's legal foundations remain solid following the legislative deadlock.

Alderoty pointed out that the 2023 federal court ruling established that programmatic sales of XRP on exchanges do not constitute securities. He also mentioned that the SEC and CFTC issued a joint interpretation in March categorizing XRP as a digital commodity, alongside sixteen other assets.