XRP Slumps on Senate Crypto Bill Blockage

XRP plummeted by over 8% to $1.27 after the Senate blocked the Digital Asset Market Clarity Act, which would have provided regulatory clarity for cryptocurrencies.

The vote failed to invoke cloture on a motion to proceed to H.R. 3633, denying one of the crypto industry's biggest legislative priorities enough support to reach Senate debate.

Ripple CEO Brad Garlinghouse said the result 'stings,' but argued that it does not alter the company's commercial trajectory or momentum.

The regulatory advantage XRP gained in March when the SEC and CFTC issued a joint interpretation of federal securities laws remains intact, according to Ripple Chief Legal Officer Stuart Alderoty.