Key Takeaways
- Ripple CEO Brad Garlinghouse and company leaders are supporting the CLARITY Act as Congress debates a federal crypto framework.
- U.S. Senator Cynthia Lummis continues promoting the bill as a consumer protection measure with stronger enforcement standards.
- Fidelity, Goldman Sachs, Stand With Crypto, and a growing number of organizations have joined efforts calling for regulatory clarity.
Ripple Executives Push CLARITY Act as Senate Debate Continues
A renewed push from Ripple leadership is adding momentum to the CLARITY Act debate, with executives arguing that federal crypto rules could improve consumer protections and provide businesses with clearer standards.
Ripple CEO Brad Garlinghouse has described the CLARITY Act as a pivotal opportunity for the United States to establish a clear digital asset framework. He has argued that regulatory certainty would benefit companies and users as lawmakers shape the future of the U.S. crypto market.
On July 22, Garlinghouse amplified a message from Ripple Chief Legal Officer Stu Alderoty, who described the CLARITY Act as a consumer protection bill featuring stronger anti-money laundering requirements, enforcement tools for law enforcement agencies, and authority for state attorneys general. Garlinghouse stated: “My thoughts exactly… Perfect can’t be the enemy of good. Let’s get this done!”
The comments came as lawmakers continued debating the CLARITY Act’s regulatory structure, including oversight responsibilities, consumer protections, and digital asset market rules. Ripple has argued that clearer standards would reduce uncertainty for crypto users and businesses.
Garlinghouse has continued promoting the legislation as Ripple expands its advocacy efforts, including its broader CLARITY Act campaign in Washington and public outreach aimed at lawmakers. The company also brought attention to the debate through its Ripple CLARITY Act truck campaign.
Lummis Defends Bill While Democrats Seek Changes
U.S. Senator Cynthia Lummis (R-WY) has continued advocating for the CLARITY Act, describing the legislation as a framework designed to improve consumer protections, strengthen enforcement capabilities, and define responsibilities among federal regulators.
The senator from Wyoming has highlighted anti-money laundering requirements, law enforcement tools, and clearer market oversight as central elements of the proposal. Lummis has argued that federal standards would give legitimate digital asset companies clearer operating rules while improving regulators’ ability to address misconduct.
Some Senate Democrats have raised concerns about the current draft, focusing on oversight requirements, consumer safeguards, and financial protections.
Ripple global co-head of public policy and government Lauren Belive has also warned that rejecting the CLARITY Act could leave crypto users exposed to risks seen in previous market failures, including the collapse of FTX. Ripple has argued that clearer federal standards could help address regulatory gaps affecting digital asset users.
Fidelity, Technology Firms, and Advocacy Groups Support CLARITY Act
Support for the CLARITY Act has expanded beyond crypto companies, with major financial institutions, technology firms, and advocacy organizations urging lawmakers to create clearer digital asset rules.
Fidelity has pushed for Senate action on the legislation, citing the need for regulatory certainty as institutional participation in cryptocurrency markets grows. Goldman Sachs’s chief executive has also expressed support for regulatory clarity, reflecting broader interest among traditional financial firms seeking defined standards for digital assets.
More than 200 organizations, including Ripple and Coinbase, have called for progress on the legislation through Ripple and Coinbase organization support. Technology companies have separately urged lawmakers to move forward with the bill, with more than 1,200 firms supporting efforts to establish a federal crypto framework.
Stand With Crypto also supports the legislation through grassroots advocacy efforts, encouraging crypto users and voters to contact lawmakers as the CLARITY Act moves through the legislative process.
The CLARITY Act remains under consideration as lawmakers continue discussions over the bill’s language and potential path forward.
Senate Republicans Push CLARITY Act With 15 Days Left as Bitcoin Struggles Near $66K
Bitcoin struggled to hold $66,000 on Wednesday, trading near $66,200 after bouncing between a low of $65,536 and a peak…
Senate Republicans Push CLARITY Act With 15 Days Left as Bitcoin Struggles Near $66K
Bitcoin struggled to hold $66,000 on Wednesday, trading near $66,200 after bouncing between a low of $65,536 and a peak…
Senate Republicans Push CLARITY Act With 15 Days Left as Bitcoin Struggles Near $66K
Bitcoin struggled to hold $66,000 on Wednesday, trading near $66,200 after bouncing between a low of $65,536 and a peak…
