Ripple CEO Brad Garlinghouse made strong statements following the failure of the CLARITY Act to pass the US Senate, which failed to secure the necessary 60 votes. Garlinghouse stated that the cryptocurrency sector had worked hard to get the bill passed, arguing that its failure harmed American consumers and the country’s global competitiveness.
Garlinghouse stated, “This really hurts,” adding that the Ripple team is doing everything in its power to finalize the CLARITY Act. He also added that a large part of the crypto sector is working hard to move the bill forward.
According to the Ripple CEO, the initiative was not solely in the interests of Ripple or a single company. Garlinghouse stated that the regulation was important for the entire crypto sector, consumers, and the US’s ambition to become the world’s “crypto capital.” He also argued that a significant opportunity to strengthen the US’s leading position in the future financial system had been missed.
Garlinghouse stated that a comprehensive assessment of why the bill failed was needed and that he would provide further details in the coming days. Directly criticizing the Democrats, Garlinghouse said, “The Democrats’ politics—their anti-crypto military—got in the way of good politics.”
However, Garlinghouse said he wasn’t entirely pessimistic about the future of the crypto sector in the US. Noting that regulatory bodies would play a larger role following the failure of the Clarity Act, the Ripple CEO stated that the US Securities and Exchange Commission (SEC), headed by Paul Atkins, and the Commodity Futures Trading Commission (CFTC), under Michael Selig, would continue working on new rules to fill the legislative gap.
Garlinghouse stated that Ripple will continue to actively participate in these regulatory processes, adding that the company is currently in a strong position.
Garlinghouse argued that Ripple is experiencing one of its strongest periods in its history thanks to genuine demand from the traditional financial sector and the digital asset ecosystem. Stating that a failed vote in Washington would not change the company’s growth momentum, global operations, or customers, the Ripple CEO conveyed the message that the company would continue its operations as before despite the defeat of the CLARITY Act.
*This is not investment advice.
