San Francisco-based enterprise blockchain firm Ripple is voicing strong support for the Senate Banking Committee's decision to advance the CLARITY Act.
As reported by U.Today, the high-stakes legal framework has passed following a 15-9 bipartisan vote on Thursday.
Ripple Chief Legal Officer Stuart Alderoty described the committee markup as a "monumental outcome" for the digital asset industry.
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"This is the moment the crypto industry has been fighting for," Alderoty stated on X. "A 15-9 bipartisan vote is a monumental outcome - and a clear signal that Washington gets it." Alderoty specifically directed his thanks to Senators Tim Scott (R-S.C.), Angela Alsobrooks (D-Md.), Bernie Moreno (R-Ohio), and Ruben Gallego (D-Ariz.) for their roles in advancing the legislation.
"Clarity over chaos"
As reported by U.Today, Ripple CEO Brad Garlinghouse previously framed the legislation as a necessary step to protect retail participants. "Millions of Americans are already in this market. Ripple stands behind this bill because they deserve the same rules and protections as every other asset class," Garlinghouse said.
There has been a very heated debate within the cryptocurrency community regarding the bill's perceived flaws, with Input Output CEO Charles Hoskinson slamming Ripple for supporting what was perceived as a very underwhelming bill.
Garlinghouse advocated for a pragmatic view over holding out for an idealized framework that might never actually arrive.
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"'Let’s not let perfect be the enemy of good' – this right here is the key," Garlinghouse stated. "No piece of legislation has ever been perfect by everyone’s standards. What we need is a clear framework, allowing innovation to flourish."
Necessary compromises
As reported by U.Today, the CLARITY Act advanced to the full Senate largely along party lines, though strategic crossover votes secured its passage out of committee.
The bill received unanimous support from the committee's 13 Republicans, who were joined by two Democrats: Senators Ruben Gallego and Angela Alsobrooks.
Nine Democrats voted against the measure. This included Senator Elizabeth Warren, who has consistently harshly criticized the legislation.
Securing bipartisan support required last-minute negotiations that resulted in notable concessions, which have resulted in pushback from decentralized finance (DeFi) advocates.
Despite concerns from the DeFi sector, the broader cryptocurrency industry and federal regulators have largely celebrated the committee vote. Coinbase CEO Brian Armstrong called the advancement a "historic day for crypto."
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