Ripple CEO Says CLARITY Act Is a Done Deal as Senate Prepares Markup

• Ripple CEO Brad Garlinghouse stated at Consensus that he’s certain the CLARITY Act will be finalized in the coming weeks.
• Ohio Senator Bernie Moreno stated at a separate event that the Senate will mark up the Act in the coming week.

After a standoff that pitted crypto companies against the banking sector, the CLARITY Act is finally seeing progress, with Ripple CEO Brad Garlinghouse now confident that it will sail through the Senate before the window closes in a month’s time.

Garlinghouse took to the stage at Consensus in Miami on Tuesday to share his views on the current crypto market, including the progress of the CLARITY Act. He told the audience that he believes the Senate has a small window over the next month and that he believes the lawmakers will get it done.

However, Garlinghouse acknowledged that the legislators have a small window to get the deal done, and that if it does not progress over the next few weeks, “I think the likelihood is going to drop precipitously.”

Garlinghouse joined other leaders in crypto and beyond who believe there’s a small window of opportunity for the new bill to pass. They reason that after the next one or two months, Senators will now focus on the midterms, which are scheduled for November, and getting them to rally behind a non-mainstream bill will prove almost impossible.

One of those calling for urgency is Senator Cynthia Llumis, a long-time crypto industry ally. She has warned that if the Act fails to pass over the next few weeks, the sector might have to wait until 2030. She says that after the midterms, there is no guarantee that the next batch of Senators will be as friendly to the crypto sector.

Another key reason for the rush is a fear that things could change drastically within the crypto industry. Currently, crypto is enjoying its highest level of bipartisan support in Congress and has had some stable market conditions for quite some time (despite some price drops since the start of February, which is normal in financial markets).

This could change. One major market crash or a catastrophic collapse like FTX could shift sentiment among legislators or the public.

Ohio Senator: Trump Will Sign CLARITY Act Before July 4

The CLARITY Act still has a few vital stages to go through before it finally becomes law. These include a markup by a Senate committee, scheduling on the Senate floor, amendments that might come up from Senators, reconciling with the version that the House passed and final passage before it lands on President Donald Trump’s desk.

Despite the window of opportunity shortening and other priorities like the midterms fast approaching, Ohio Senator Bernie Moreno believes it will be signed into law before Independence Day on July 4.

Speaking at Solana’s Accelerate event on Tuesday, Moreno stated:

The major sticking point over the CLARITY Act has been stablecoin yield. Banks have fought against crypto firms offering yield on stablecoin holdings, which they argue would compete with their regulated products. In recent days, a compromise has been reached in which crypto firms will only pay yield to products that do not resemble deposit accounts.

The post Ripple CEO Says CLARITY Act Is a Done Deal as Senate Prepares Markup appeared first on ETHNews.