Ripple Chairman & Democratic Megadonor Chris Larsen Breaks Silence on Clarity Act
Highlights
- Ripple executive chairman Chris Larsen speaks on Clarity Act, Democrats' focus on ethics provisions, and crypto regulations.
- He hopes for a workable compromise, adding that “no bill is actually worse.”
- Crypto bill passage still faces uncertainty due to latest text and US House recess starting September 17.
Chris Larsen, Ripple executive chairman and a longtime Democratic megadonor, finally weighs in on Clarity Act as the crypto bill is set for Senate vote next week. He strongly advocated for passing the crypto market structure bill as the industry still needs it after the GENIUS Act. This marks major news for the XRP and broader crypto community.
Ripple’s Chris Larsen Urges Swift Passage of Clarity Act
San Francisco-based crypto billionaire Chris Larsen expressed strong support for the passage of the Clarity Act. He said the crypto legislation would help determine whether crypto is treated as securities or commodities, highlighting it as the biggest unresolved issue, SFist reported.
He talked about Ripple’s crypto policy work, a 4-year legal battle with the Joe Biden-era SEC, XRP non-security clarity, and backing Democrats Biden and Kamala Harris for president. Ripple chairman also criticized Gary Gensler and Elizabeth Warren for attacking the crypto industry.
Chris Larsen said “We got clarity in our court decision, but most of the other players don’t have that.” The Trump Administration supports the crypto industry and passed the GENIUS Act that regulates stablecoins. “But we need this market structure bill kind of maybe even the more important bill called the Clarity Act,” he added.
The crypto industry hit back hard against Democrats. Now, the Senate is expected to take a procedural vote on September 15. Chris Larsen agreed on pending challenges, including ethics provisions sought by some Democrats. He said he understands those concerns and hopes for a workable compromise, adding that “no bill is actually worse.”
As CoinGape reported earlier, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty have also urged Congress to pass the crypto bill rather than wait for a perfect draft. Remaining fights include ethics language, DeFi treatment, and stablecoin rewards.
Separately, Ripple’s executive chairman Chris Larsen has also invested in American Perpetuals Exchange Corp (APAC), derivatives startup founded by Democratic Senator Kirsten Gillibrand. She faced backlash for her efforts to reach a compromise in the Clarity Act’s ethics talks.
The interview also covered Chris Larsen’s funding of San Francisco police surveillance tools, his son’s objections to that support, and his views on the AI arms race.
Crypto Bill Passage Faces Uncertainty
Senate Republicans released updated Clarity Act text, with no changes to the ethics, BRCA and stablecoin yield sections. Senator Cynthia Lummis said this text contains over 100 changes requested by Democrats. XRP community hails the bipartisan work.
The main changes include requiring non-decentralized DeFi protocols to register with the CFTC, limiting the DeFi provisions to spot or cash transactions, and clarifying the authority of credit unions to deal in crypto.
However, the text is not bipartisan yet. This could further delay the crypto bill, with the US House heading for the midterm elections recess by September 17. This leaves the Clarity Act to get more delayed until the midterm elections in November.
Odds of the Clarity Act getting signed into law in 2026 stand at 21% on Polymarket, while crypto industry executives such as Chris Larsen push to pass the crypto bill.
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