What to know:
- Ripple CEO says the US is closer than ever to establishing clear cryptocurrency rules.
- The Senate’s September 15 cloture vote will require support from at least 60 senators.
- SEC and CFTC guidance remains the main US framework until Congress passes legislation.
Ripple CEO Brad Garlinghouse said the United States is closer than ever to clear cryptocurrency rules after meetings in Washington. His August 22 statement followed the CFTC Innovation Advisory Committee’s first meeting two days earlier.
Garlinghouse presented the outlook as evidence of progress, not a completed federal policy shift. Congress has not passed the broad market structure legislation supported by Ripple and other cryptocurrency companies.
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How Could the CFTC Panel Shape Crypto Rules?
He said committee participants agreed that older financial rules do not adequately cover digital assets and other emerging technologies. Garlinghouse added that outdated requirements fall short for consumers, businesses, and innovation.
The CFTC appointed Garlinghouse to the committee in February alongside several finance and technology executives. Members include Brian Armstrong, Hayden Adams, Terry Duffy, Adena Friedman, and Craig Donohue.
The panel advises the CFTC on technology, finance, law, and public policy. It cannot pass legislation or issue regulations independently, although its recommendations may shape agency proposals and enforcement priorities.
The Senate is expected to consider a key procedural vote on September 15. Lawmakers will examine cloture on the motion to proceed with the Digital Asset Market Clarity Act.
Cloture requires support from 60 senators before the chamber can begin considering the measure. A successful vote would open debate, but it would not approve the bill or guarantee its passage.
What Could Delay U.S. Crypto Legislation?
The bill can still be subject to more amendments and voting sessions until it becomes an approved law. Differences still exist regarding the rewards for stablecoins, decentralized finance safety, ethical requirements, control of illicit activities, and the protection of consumers.
However, all of those disputes make the future of the bill unclear despite its backing from Ripple and other industry organizations. Any inability to gather enough votes will result in retaining the agency-run system within federal regulation.
Moreover, Garlinghouse’s positive expectations stem from the joint interpretation issued by the SEC and CFTC in March. This document introduced the classification of digital commodities, collectibles, tools, stablecoins, and digital securities.
This section has also considered airdrops, mining, staking, wrapped tokens, and investment contracts. This interpretation became effective on March 23, providing clarity to market participants regarding the position of both agencies.
Why Is SEC-CFTC Guidance Not Legally Binding?
However, the document is still guidance issued under the regulation and not legislation passed by Congress. Courts can disregard it, and future regulators can amend or repeal it.
The Ripple CEO also referred to the ongoing lawsuit against the SEC and the court’s 2023 XRP decision. This ruling held that XRP was not a security and dissociated the token from particular sales cases.
This judgment did not eliminate all the consequences for Ripple. In the end, the ruling resulted in a $125.04 million civil penalty and an injunction against future violations of the securities registration obligations.
The SEC and Ripple appealed each other’s decisions in 2025, making the judgment final. Both parties withdrew their appeals, and thus, the agency acknowledged the final decision.
The focus of interest will be placed on the vote planned for September 15, which requires 60 votes. Should cloture fail, SEC and CFTC guidance will become the key framework of the federal government until legislators discuss the issue after the midterm elections.
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