XRP Gains Clarity as Senate Republicans Release New CLARITY Act Draft

A new draft of the CLARITY Act has been released by Senate Republicans, and it's giving Ripple's XRP a boost. The bill defines digital commodities as assets that are both digital and transferable from person to person, logged on a distributed ledger.

According to Bill Morgan, a pro-XRP lawyer, this definition makes XRP a crypto commodity in secondary markets, regardless of the amount held by Ripple. He tweeted 'Deal with it Bitcoin maxis' after pointing out that the new language differentiates between XRP's regulatory status and the quantity held by its originator.

The proposed legislation also includes provisions for network tokens, which are considered a type of digital commodity. This is significant for XRP because it could impact its regulatory status in the US. The draft states that network tokens cannot be prohibited from being listed on a digital commodity exchange simply because they are a network token.