Key facts
- Ripple Chief Legal Officer Stuart Alderoty is advocating for senators to hear directly from cryptocurrency holders.
- The CLARITY Act, designed to create a federal market regime for digital assets, faces a critical procedural vote on September 15.
- This vote requires 60 senators to proceed to formal debate, with bipartisan support needed.
- Disagreements over ethics provisions related to the president's family's crypto interests are hindering the bill's progress.
- Research indicates approximately 67 million U.S. adults hold cryptocurrency.
Ripple Chief Legal Officer Stuart Alderoty is calling on U.S. senators to engage with cryptocurrency holders before a crucial procedural vote on September 15. This vote will determine whether the CLARITY Act, which proposes a federal market regime for digital assets and divides regulatory responsibilities between the SEC and CFTC, can advance to formal Senate debate.
Alderoty has reached out to senators who are undecided or have previously voted against the bill, urging them to listen directly to the approximately 67 million U.S. crypto holders rather than lobbyists or industry executives. He emphasized that these individuals should have a platform to share how federal crypto regulations impact them.
The September 15 vote is for cloture, a procedural step requiring 60 votes to allow the Senate to begin formal debate on the bill. The CLARITY Act previously passed the Senate Banking Committee in May with a 15-9 vote, but its path forward is complicated by unresolved political conflicts.
Senators like Mike Rounds and Thom Tillis have voiced concerns, suggesting the bill faces an uncertain future due to disputes over ethics rules concerning the president and his family's cryptocurrency interests. Democrats are pushing for stricter restrictions, and a resolution remains elusive, potentially jeopardizing the bill's advancement.
Discussion