XRP Price Plunges as Senate Blocks CLARITY Act

The US Senate's rejection of the CLARITY Act on September 15 has sent shockwaves through the cryptocurrency market, with XRP experiencing a sharp decline of 10.3% to $1.27. Ripple CEO Brad Garlinghouse expressed his disappointment over the vote, but maintained that the digital asset market can continue to grow without the legislation.

The CLARITY Act aimed to provide a legislative framework for digital assets in the US, but it failed to gain the necessary 60 votes needed to pass. The Senate's disapproval of the bill has led to a broader crypto market pullback, with Bitcoin falling almost 3% and other major assets experiencing declines.

Giving his perspective on the vote, Garlinghouse noted that Ripple had made significant commitments to advancing the bill but ultimately failed to see it pass. He emphasized that the US crypto industry can continue to grow without intervention from the bill, with regulatory bodies like the CFTC and SEC continuing to formulate rules.