Today, the Clarity Act, the federal crypto market structure bill, failed to advance in the Senate after a critical vote. This is a tremendous missed opportunity for American consumers, the digital asset industry, and U.S. competitiveness.
Dating as far back as 2019, Ripple has advocated for a strong, uniform market structure framework that gives consumers meaningful protections and provides responsible companies clear, predictable rules of the road in the United States. After years of pushing these technologies offshore (with the very painful results of FTX and Sam Bankman-Fried), the Clarity Act offered Congress an opportunity to deliver exactly that. Ultimately the effort fell short, and that is disappointing.
But it is equally important to be clear about what this outcome does and does not mean for Ripple and for XRP.
Ripple and XRP stand on settled ground
The outcome of today's vote on the Clarity Act does not change the established legal clarity for XRP.
Ripple is in a privileged position today by way of the hard fought battles we have won to date. We spent years - and more than $150 million - fighting for legal clarity in court. In 2023, Ripple secured a landmark victory establishing that XRP is not a security. Our footing became even firmer in March 2026, when the SEC and CFTC issued a joint interpretation naming XRP a digital commodity.
The bottom line is straightforward: Ripple and XRP stand on settled ground. That legal clarity is a very meaningful advantage for Ripple, particularly as the broader U.S. digital asset market continues to operate without a durable statutory framework that the Clarity Act could have provided.
The broader industry still deserves clear rules
Ripple's strong position does not make the status quo acceptable - and that is why we fought to see it passed. Consumers and market participants still deserve predictable standards and protections. Responsible businesses should not have to rely on years of litigation – or live under the threat of one – to understand how the law applies to them. And the United States should not concede leadership in the future of finance because policymakers were unable to establish a durable framework. Ripple will continue advocating for market structure legislation and engaging constructively with policymakers.
In the near term, attention will also shift toward the SEC and CFTC. Both agencies, under Chairmen Paul Atkins and Mike Selig, respectively, have an important role to play in filling the legislative gap through clear, workable rulemaking, and Ripple will remain actively engaged in that process. We are confident that XRP's status as a digital commodity will not change as that rulemaking proceeds.
This was winnable
We should also say the quiet (and most frustrating) part out loud: This was winnable. A serious post-mortem is warranted on why legislation that could have delivered meaningful consumer protections and regulatory clarity ultimately failed to advance.
Politics was elevated over good policy. The banking industry worked relentlessly to protect the status quo from progress. And after the industry came remarkably close to a deal in January, some within crypto put their own narrow interest ahead of a bill that would have helped everyone. We also need to ask why those holding the Senate pen did not use the House's version of the bill that had secured 78 Democratic votes, as a starting point. Ultimately, consumers and U.S. competitiveness got left behind.
Putting narrow interests ahead of a deal that works for everyone cannot be the lesson the industry carries into the next fight. Durable policy requires compromise. It requires putting consumers and the long-term health of the market ahead of narrow interests. And it requires recognizing that clarity for the entire ecosystem is more valuable than perfect outcomes.
Ripple will keep showing up with that mindset. The Clarity Act may have fallen short, but the need for clear rules has not gone away. Neither has Ripple's commitment to helping build them. And for Ripple, XRP, and our customers, the work continues from a position of strength.
Ripple's business keeps moving forward
Ripple's underlying business remains exceptionally strong. Ripple continues to see tremendous demand across traditional finance and the digital asset ecosystem, including across payments, stablecoins, and institutional markets. Our global footprint, customer relationships, and ability to continue building and growing are unchanged.
That distinction matters. A strong U.S. framework would have made it easier for responsible companies across the industry to innovate with confidence and given market participants greater certainty about the rules governing digital assets. Ripple already has a level of legal clarity that much of the market is still seeking.
We will continue putting that clarity to work for our customers and continuing to expand our global business.
