Ripple CEO Brad Garlinghouse said September 3 that making the United States the global center of cryptocurrency remains ‘within reach,’ as lawmakers face a narrow window to complete federal market rules.
His statement followed comments from CFTC Chair Michael Selig about an August 19 White House meeting with leaders from cryptocurrency, finance and technology companies. Garlinghouse said the country could still become the world’s crypto capital. His comment reflected a policy position and did not confirm that the country had achieved that goal.
The August 19 gathering included Garlinghouse, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev and Kraken co-CEO Arjun Sethi. NASDAQ CEO Adena Friedman and Intercontinental Exchange CEO Jeffrey Sprecher also attended. Gemini co-founders Cameron and Tyler Winklevoss joined Chainlink co-founder Sergey Nazarov at the meeting.
SEC Chair Paul Atkins and CFTC Chair Selig represented the main federal market regulators. Selig later said the administration wanted companies to build the “new frontier of finance” in the United States.
The meeting came one day before the CFTC Innovation Advisory Committee held its first session on August 20. Garlinghouse joined executives from crypto and traditional finance.
Still, agency statements alone cannot create the full legal structure envisioned by Congress. Lasting regulatory changes require legislation, agency rulemaking, or both. This leaves one pivotal question: Can lawmakers turn policy support into binding rules before Congress runs out of time?
The Digital Asset Market Clarity Act remains central to the administration’s market-structure plan. The measure would divide regulatory responsibilities and set rules for intermediaries and certain digital assets.
The House already passed its version. The Senate’s amended legislation still requires approval, while a reported September 15 cloture vote would need support from at least 60 senators. Negotiations have covered decentralized finance, ethics restrictions, consumer protections and stablecoin rewards. Seven Democratic senators previously opposed an emerging draft and requested stronger safeguards.
Meanwhile, Garlinghouse has repeatedly supported a workable compromise. In July, he backed passage even as Senate Democrats sought additional ethics and enforcement provisions. A successful cloture vote would not finish the legislative process. Senators would still need to approve the measure and resolve any differences with the House version.
If the Senate changes the House language, both chambers must reconcile their versions before lawmakers can send the legislation to the president.
Also Read: Ripple CEO Takes a Dig at Wall Street for Blocking Crypto Progress
The House plans only four legislative days in session after September 15 before another recess. This schedule leaves lawmakers little time to review Senate changes. According to crypto.news, Congress has only 14 working days for the legislation under the current calendar.
If Congress misses that window, lawmakers could return to the issue during the post-election lame-duck session. Progress would then depend on leadership priorities and the election outcome. Meanwhile, the SEC and CFTC have taken steps to clarify their approaches to digital assets through guidance and other policy actions.
Those measures can shape enforcement priorities, disclosure expectations, and the treatment of specific products. However, they cannot create the statutory division of authority sought through the CLARITY Act.
The expected September 15 Senate procedural vote is now the next major event. Lawmakers would still face floor approval, House reconciliation, and a restricted congressional calendar afterward.