Ripple backs US Clarity Act, says it could unlock a multi‑trillion‑dollar crypto market
The Senate Banking Committee advanced the Digital Asset Market Clarity Act by a 15‑9 vote on May 14, marking the first bipartisan clearance of a comprehensive crypto‑regulation bill in the United States. 67 million Americans who hold digital assets were cited by Ripple’s chief legal officer Stuart Alderoty as the constituency the bill would protect.
The legislation would assign jurisdiction over digital assets to either the SEC or the CFTC, formally classify tokens such as XRP as digital commodities, and end the “enforcement‑by‑ambiguity” approach that has characterized U.S. oversight since 2017. Ripple argues the clearer rules would bring institutional capital into the market, potentially unlocking $4‑8 billion in additional XRP ETF inflows and contributing to a multi‑trillion‑dollar crypto economy.
The bill still requires at least 60 Senate floor votes, reconciliation between the Banking and Agriculture committees, and the president’s signature. While it enjoys bipartisan support in the committee—though opposed by Senator Elizabeth Warren—some industry voices, like BitMEX founder Arthur Hayes, have warned against federal regulation. Ripple and other established firms see the act as a bridge between traditional finance and the crypto sector, aiming to mobilize capital currently held back by regulatory uncertainty.