Ripple’s CEO Brad Garlinghouse is pushing forward with the agenda to get the CLARITY Act approved before the United States Government goes into recession. On X, Garlinghouse seconded Ripple Chief Legal Officer Stuart Alderoty’s opinion, urging the lawmakers to take the matter into their own hands rather than abandon the high-profile crypto bill.
Ripple Lawyer: “Perfect Can’t Be The Enemy Of Good”
Alderoty tied this to consumer protection: if the Digital Asset Market Clarity Act sits on the table to rot until the next session, this paves the way for bad actors to exploit crypto enthusiasts, as they’re “left twisting in the wind with the status quo with no clear standards for bad actors to exploit”, – warns Alderoty, before requesting: “Perfect can’t be the enemy of good. Let’s get this done.”
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The latest draft of the CLARITY Act is at the center of a heated debate tied to ethics, illicit finance, stablecoin yield & customer protection. A bunch of Democrats have issued a joint statement denying the version, urging for negotiations to carry on. These include Senators Catherine Cortez Masto, Angela Alsobrooks, Cory Booker, Ruben Gallego & more.
Bill Garners This Committee Support; Clock’s Ticking
Fresh off the press, Senator Lummis penned an updated version of the text that’s now backed by the Agriculture Committee. Chairman Boozman, the leader of the Agriculture Committee, spoke out:
“It delivers the certainty consumers, businesses and markets have been calling for by creating strong safeguards while supporting responsible innovation. This is the result of months of bipartisan collaboration and continued conversations with stakeholders to strengthen the final bill.”
Now, the legislation is up for Senate floor consideration after reaching the legislative calendar. But the bigger picture isn’t clear yet – Republicans still need more Democratic votes to make the Senate’s 60-vote threshold.
Overseeing the amendments, the White House agreed to the new ethical framework this week, easing the ethical complexities surrounding the landmark crypto bill. While the bipartisan agreement is getting polished, The Senate’s scheduled recess in a week leaves supporters with a lot of questions & a narrowing window to resolve disputes.
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