Garlinghouse Calls the Vote a Missed Opportunity 🖤
Ripple CEO Brad Garlinghouse says the whole setback totally stings rn but it ain’t shifting what his crew is grinding on at all. Writing on X shortly after everything went down he dropped this take. His team poured it all out trying to get that CLARITY Act over the line and he framed it as this big fight that stretched way past just Ripple 😈. Consumers and American edge in digital finance ended up taking the hit and he hinted a full review on the mess is incoming. In his eyes Democratic politics won out over solid policy this time. Still he didn’t paint the failed vote as some final dead end for US crypto vibes. Garlinghouse expects the SEC and CFTC to keep pushing their own rules to patch the gap Congress left behind. Ripple will stay right in that mix too ✨. His words hit different when he noted Ripple’s business has never been stronger with fresh demand pouring in from traditional finance and digital assets alike. A Washington miss changes nothing about the momentum our global reach or our customers.XRP Stays Strong On Legal Ground 🌙
The firm’s Chief Legal Officer Stuart Alderoty jumped in with his own post right after. Ripple and XRP stand on settled ground he stressed while pointing to that key 2023 court win where XRP got ruled out as a security. Plus the March joint move from SEC and CFTC tagging XRP as a digital commodity. He expects the agencies to keep sharpening those rules ahead 💀. Industry reactions split hard on this one. CryptoLaw saw it as a pivot not a finish agreeing the rule push shifts to those agencies now. Yet analyst ChartNerd stayed cautious noting that agency moves beat total uncertainty but they fall short of real laws since rules can flip anytime 🕸️.CLARITY Act Aimed To Split Oversight ✨
Tuesday’s vote wasn’t even about passing the full CLARITY Act outright. It served as just one procedural step to edge the bill closer to a final showdown. Its flop means the debate drags on instead of wrapping up. The bill planned to divide digital asset oversight between the CFTC and SEC while adding this fresh idea of ancillary assets where network tokens tied to company efforts still count as commodities with their own disclosure rules. It also zeroed in on DeFi platforms that look decentralized on paper but stay run by real people forcing them into CFTC registration for spot trading. Exchanges brokers and dealers the spots most folks actually use for crypto buys and sells would hit a whole new federal registration setup too 🦇.Just another echo from the void by iconofsin.eth 💖
Maybe you like what i'm doing here and wanna support me via the ethereum blockchain: iconofsin.eth 💖
