Brad Garlinghouse wants a vote, and he wants it now. Ripple's CEO took to X on July 22 to back a call from the company's Chief Legal Officer Stuart Alderoty, pressing U.S. senators to finalize the Digital Asset Market Clarity Act before heading into recess rather than kicking the bill to the next session.
As Alderoty put it, consumers can't afford to wait: without clear standards, crypto users are "left twisting in the wind with the status quo with no clear standards for bad actors to exploit." Garlinghouse echoed that framing word for word, adding simply, "My thoughts exactly."
Where the bill stands
The latest draft of the CLARITY Act is caught in a crossfire. A group of Democratic senators, including Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, and Ruben Gallego, issued a joint statement rejecting the current version, citing concerns over ethics, illicit finance, stablecoin yield rules, and customer protections. They want more negotiations, not a rushed floor vote.
On the other side, Senator Lummis released a revised text that picked up backing from the Agriculture Committee. Chairman Boozman described the bill as "the result of months of bipartisan collaboration," arguing it creates the safeguards markets have been waiting for. The White House also signed off on a new ethical framework this week, removing one of the stickier obstacles. The legislation has now reached the Senate legislative calendar, but Republicans still need to clear the 60-vote threshold, which means winning over more Democrats.
The debate over this bill has drawn in major financial names too: Goldman Sachs CEO has publicly backed the CLARITY Act while JPMorgan and other banks remain opposed, adding Wall Street's own fault lines to an already complicated picture.
This article is for informational purposes only and does not constitute financial or investment advice.
