XRP Meets CLARITY Act Requirements, Lawyer Claims

XRP's status as a digital commodity under the proposed CLARITY Act is in question.

Analyst Bill Morgan argues that XRP already meets the requirements, citing provisions beyond the 20% ownership threshold. This comes after concerns were raised about whether XRP qualifies as a 'mature blockchain system' under the legislation.

The bill's framework stipulates that no issuer or affiliated person beneficially owns 20% or more of a digital commodity. However, Morgan points to alternative provisions that could be relevant to XRP, including one involving exchange-traded products and another concerning pre-existing systems.

Ripple directly holds approximately 4.7-4.8 billion XRP, while about 32 billion XRP remains in Ripple-controlled escrow.