Ripple CEO Brad Garlinghouse said the CLARITY Act’s failure to clear a key procedural vote was a painful outcome for the U.S. crypto industry. In his remarks, Garlinghouse said Ripple’s team had done everything it could to push the bill across the finish line, adding that much of the industry had made the same effort. He framed the legislation as an opportunity that extended well beyond Ripple or any single company, saying it was intended to benefit the broader industry, protect consumers, and reinforce the United States’ position as a global crypto hub and a leader in the future of finance. Garlinghouse said consumers and U.S. competitiveness were ultimately left behind. Even so, he said there are still reasons for optimism. He pointed to ongoing rulemaking by the U.S. Securities and Exchange Commission under Chair Atkins and the Commodity Futures Trading Commission under Chair Selig, and said Ripple would remain actively involved as regulators work to address gaps left by the absence of legislation.
Ripple CEO Brad Garlinghouse said the CLARITY Act’s failure to pass a key procedural vote was a painful result, according to BlockBeats on Sept. 16.
Garlinghouse said Ripple’s team had given its all to get the bill over the finish line, and that most of the industry had done the same. He described the effort as an opportunity bigger than Ripple or any single company, saying it was meant to serve the entire industry, protect consumers, and strengthen the United States’ standing as the global capital of crypto and a leader in the future of finance.
He said consumers and U.S. competitiveness were ultimately left behind.
Still, Garlinghouse said there are reasons to remain optimistic about the U.S. crypto sector. He said the Securities and Exchange Commission under Chair Atkins and the Commodity Futures Trading Commission under Chair Selig will keep working on rules to fill the gap left by missing legislation, and added that Ripple will continue to take part in that rulemaking process.
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