According to Bitcoin.com, Ripple’s Chief Legal Officer, Stuart Alderoty, recently visited the offices of several undecided or opposing senators, urging them to meet with actual U.S. cryptocurrency holders before voting. Ripple cited data showing that there are currently 67 million cryptocurrency holders in the U.S., the industry supports 232,000 jobs, and generates approximately $55 billion in economic activity. A procedural vote on September 15 will require at least 60 votes to initiate formal debate on the CLARITY Act. The bill aims to establish a federal regulatory framework for digital assets, assigning oversight of the spot market for digital commodities to the CFTC—the largest expansion of authority in the CFTC’s history. Seven Democratic senators have raised ethical concerns about the bill, and it remains uncertain whether it will reach the 60-vote threshold.
Ripple’s General Counsel Lobbies Senators for the CLARITY Bill on September 15
TechFlowShare
Summary
Ripple’s legal chief, Stuart Alderoty, met with senators on September 15 to advocate for the CLARITY Act, which could impact risk-on assets. The bill aims to establish a federal regulatory framework, granting the CFTC authority over digital commodity markets. Ripple cited 67 million U.S. crypto holders and $55 billion in activity. A procedural vote requires 60 votes, but seven Democrats raised ethical concerns. The bill also aligns with CFT (Countering the Financing of Terrorism) objectives.
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