Ripple CEO Blames Democratic Politics for CLARITY Act Failure, Promises Post-Mortem
Highlights
- The Ripple CEO blamed the politics of the Democrats for the cloture vote failure.
- He assured that he will give a post-mortem in the coming days.
- Brad Garlinghouse assured that Ripple's business has never been stronger.
Ripple CEO Brad Garlinghouse has reacted to the Senate’s failure to invoke cloture on the CLARITY Act, blaming the Democrats for the setback. He also promised to release the post-mortem in the coming days and expressed optimism about crypto regulation in the country.
Ripple CEO Reacts To CLARITY Act Cloture Vote Failure
In an X post, the Ripple CEO said that the politics of the Democrats, which he referred to as the “anti-crypto army,” were elevated over good policy in his reaction to the cloture vote failure. “A post mortem needs to be done on why this failed (more from me on that in the days ahead),” he added.
His comments came as the Senate failed to invoke cloture on the CLARITY Act. Senators voted 50 to 49 against the motion to proceed to deliberating and potentially passing the crypto bill, representing a major setback for the crypto industry.
“This one stings. Our team gave everything we had to get the Clarity Act across the finish line. So did most of the industry,” the Ripple CEO said. Garlinghouse also said the crypto bill was an opportunity to cement the U.S. position as the crypto capital of the world and a leader in the future of finance.
Notably, all Democrats voted against the motion to invoke cloture on the CLARITY Act. Democratic senators claimed that the ethics provision was insufficient and that it didn’t do enough to rein in President Trump’s crypto “corruption.”
Optimism Over Crypto Regulation In The Country
Despite the CLARITY Act setback, the Ripple CEO said there is still reason for optimism for crypto in the U.S. He noted that the SEC and CFTC, under Paul Atkins and Mike Selig, will continue to work hard to issue rules to fill the legislative gap.
As CoinGape reported, the SEC Chair earlier said that the crypto agenda will proceed even if the crypto bill stalls. The Commission has proposed amendments to the current rules to accommodate crypto assets. This includes the proposed ‘Reg Crypto’ framework to help crypto startups raise funds.
Meanwhile, Garlinghouse also assured that Ripple’s business has never been stronger, with real demand across traditional finance (TradFi) and the crypto ecosystem. He also said a missed vote doesn’t change their momentum, global footprint, or customers.
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