Ripple CEO Brad Garlinghouse urged the US Senate to pass the CLARITY Act, calling the final crypto bill draft a serious policy deal rather than a compromise. His comments came hours after Treasury Secretary Scott Bessent praised the final CLARITY Act text that ensures US leadership in stablecoins and protects community banks.
Ripple CEO Brad Garlinghouse on Why Crypto Bill Passing Crucial for Senators
Brad Garlinghouse quoted Scott Bessent on urging the Senate to pass the CLARITY Act to ensure US leadership in innovation. He said the crypto bill is “the product of real, substantive trades policymakers made to get here.”
He also repeated his previous line that “perfect can’t be the enemy of good” and added that trades and compromise “weren’t small.” Also, President Trump agreed to ethics provisions in the final crypto bill text. The latest draft includes ethics language, developer protections, and a Treasury “circuit breaker” if payment stablecoins pull deposits from community banks.
Ripple CEO claimed Senators have worked hard for final crypto bill text and should not treat the crypto bill as something they are merely “settling for.” “It’s a deal that they should stand behind,” he added.
Brad Garlinghouse also reminded the Senate that “the world is watching and voters are watching. Now is the time to vote yes.” Notably, he pointed out that the outcome of the Senate vote on the crypto bill could impact the crypto industry’s support and the community’s vote in the upcoming midterm elections.
Scott Bessent Highlights Trump Admin’s Dual Focus
US Treasury Secretary Scott Bessent said the crypto bill is part of a broader strategy that began with the GENIUS Act. He said the CLARITY Act is “essential to ensuring America wins the global race for new technology” and that Congress passed GENIUS to make sure stablecoin infrastructure is built in the United States.
He pointed out the Trump administration’s dual focus on digital technology and community banks to drive economic growth in the US. Ripple CEO Brad Garlinghouse also believes crypto will help banks. “Ensuring that America’s community bank sector continues to thrive has been a constant focus of mine since day one,” Bessent said.
Scott Bessent claimed the final draft of the crypto bill gave the Treasury secretary extra authority if deposit flight tied to stablecoins starts to harm community banks. “If stablecoins cause harm to community banks, I will not hesitate to use these tools to ensure they remain fully protected,” Bessent added.
Crypto Bill to Move Market This Week
As CoinGape reported earlier today, Senate Democrats are reportedly preparing a counterproposal on the CLARITY Act as they are unsatisfied with the latest text of the crypto bill. This follows a meeting Democrats held with Senate Minority Leader Chuck Schumer earlier. As a result, CLARITY Act passing odds dropped and reversed an earlier spike.
Meanwhile, Bernstein sees crypto markets currently have a bearish bias, leaving room for a rebound amid positive CLARITY Act developments. The firm predicts some Democrats will support it to meet the 60-vote requirement. Bloomberg has reported that about 7 to 10 Democrats “sound like they want to ultimately pass a bill,” but public commitments remain limited.
Bernstein predicts upside momentum in crypto assets such as Bitcoin, Ethereum and XRP as Democratic support could lift sentiment in the crypto market. However, a failed vote, especially if paired with hawkish Fed commentary, could trigger another crash in the crypto market and crypto-linked stocks.
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