The US Senate failed to advance the Digital Asset Market CLARITY Act on Tuesday, falling short of the 60 votes needed to send the bill toward a final vote. Ripple CEO Brad Garlinghouse called the setback a missed opportunity for consumers and American competitiveness in digital finance. A 2023 federal court ruling and a joint interpretation by the SEC and CFTC in March confirmed that XRP is not a security and qualifies as a digital commodity. Garlinghouse expects the SEC and CFTC to continue rulemaking to fill the gap left by Congress. Ripple’s Chief Legal Officer Stuart Alderoty said the company and XRP stand on settled legal ground.
Source: Read the original article
