Cryptographer David Schwartz, CTO Emeritus at Ripple, suggested renaming the Digital Asset Market Clarity Act to the ‘DAM Clarity Act,’ an expression pronounced like ‘the damn Clarity Act’ that captures the industry’s growing frustration with political gridlock in Washington. This bill aims to shift crypto market oversight from the Securities and Exchange Commission to the Commodity Futures Trading Commission, which would classify assets like XRP as digital commodities and protect investors from market manipulation. Current Ripple CEO Brad Garlinghouse urged lawmakers to pass the legislation before Congress’s August recess, while the bill remains stalled in the Senate. According to the U.S. Treasury, the legislation is in its final stage, but disagreements persist over anti-money-laundering provisions and stablecoin regulation.
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