XRP Slumps 10% as US Senate Blocks CLARITY Act
Ripple's XRP plummeted by around 10% on Wednesday after the US Senate failed to advance the Digital Asset Market CLARITY Act, a key bill for crypto market structure.
The bill, which aimed to give a durable statutory framework for digital assets and clarify SEC versus CFTC jurisdiction, fell short of the required 60 votes in a cloture vote, with reported tallies around 49-50 in favor versus against.
XRP dropped from the mid-1.40s toward about $1.28, $1.30, a move that was among the steepest declines among large crypto assets, while Bitcoin and Ethereum fell only a few percent.
Ripple's chief legal officer stressed that the vote does not change XRP's current classification, as a 2023 federal ruling on programmatic sales and a March 2026 joint SEC, CFTC release naming XRP as a digital commodity are still in force.