Ripple CEO Brad Garlinghouse believes the crypto industry can keep growing even if the US CLARITY Act does not pass soon. The bill aims to create clearer rules for digital assets and define which US regulators should oversee different parts of the crypto market. However, the Senate recently failed to move the bill forward in a 49-50 vote, leaving it short of the 60 votes needed to advance.
At a Kansas City digital asset conference on September 15, Garlinghouse said crypto growth does not depend only on the bill. He pointed to better and faster blockchain technology as another driver of adoption. His comments came after the Senate setback. The vote was followed by around USD 571 million in crypto long-position liquidations across exchanges. Ripple has also spent more than USD 150 million on its legal fight with the US Securities and Exchange Commission.
The CLARITY Act remains important because it seeks to bring clearer federal rules to the crypto market. It could help define the roles of different regulators and give crypto companies a clearer path to operate. The Senate setback does not stop crypto trading or development in the US.
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Clear rules can make it easier for companies to plan new crypto products. However, adoption can still grow for other reasons, most importantly, technology, cost, speed, and real-world use. Garlinghouse’s comments highlight this gap. Crypto companies can keep building, and users can keep adopting the technology even while lawmakers work on new rules.
The Senate vote added fresh uncertainty around US crypto rules. Still, the industry’s growth is not tied to one piece of legislation. For now, technology and user demand can keep moving forward while the debate over clearer crypto rules continues.