Ripple CEO ties U.S. crypto leadership to CLARITY Act

Ripple CEO Garlinghouse: The goal of the United States becoming the "Global Crypto Capital" is still within reach, calling for improving the regulatory framework.

Ripple CEO Brad Garlinghouse said on September 3 that the goal of making the United States the center of the global cryptocurrency industry remains "within reach", while urging policymakers to complete the country's regulatory framework as soon as possible.

Policy statement after the White House meeting

Garlinghouse's comments followed a White House meeting in August that brought together executives from the financial, technology and cryptocurrency industries. Previously, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said the government wants to ensure financial innovation is built within the United States.

Garlinghouse made the statement after CFTC Chairman Michael Selig discussed White House gathereings in August, a gathering that invited executives from cryptocurrency, financial and technology companies. "The goal of making the United States the world's crypto capital is feasible-let's get the job done," Garlinghouse said.

It should be noted that this comment represents Garlinghouse's policy stance rather than confirming that the United States has achieved the government's stated goals. He wrote on social media: "It's an honor to be here. The goal of making the United States the world's encryption capital is feasible-let's get the job done."

Industry leaders gather at the White House to discuss the future

The White House gathering, held on August 19, brought together cryptocurrency executives with senior government officials and heads of financial regulators. Garlinghouse attended the event with Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev and Kraken co-CEO Arjun Sethi.

Other attendees included Nasdaq CEO Adena Friedman, Intercontinental Exchange Group (ICE) CEO Jeffrey Sprecher, Gemini co-founders Cameron and Tyler Winklevoss, and Chainlink co-founder Sergey Nazarov. SEC Chairman Paul Atkins and CFTC Chairman Selig represent major federal market regulators.

Selig later said the administration was working to ensure that "new frontiers of finance" would be established in the United States. Although his remarks reflect the government's policy direction, lasting regulatory change still needs to be achieved through legislation, institutional rulemaking, or a combination of both.

The gathering took place before the first meeting of the CFTC Innovation Advisory Committee (August 20). As previously reported, Garlinghouse joined the committee's first meeting to discuss with representatives from cryptocurrency and traditional financial companies.

The CLARITY Act becomes the current legislative test

The Digital Asset Market Clarity Act (CLARITY Act) remains at the heart of the government's efforts to establish a federal crypto market structure. The legislation aims to define regulatory responsibilities and create regulatory rules for intermediaries and certain digital assets.

The House has previously passed its version of the bill, but the Senate's revised legislation still needs to be approved. According to reports, the closure vote scheduled for September 15 requires the support of at least 60 senators before the bill can enter the final full review stage.

There were differences in the Senate's negotiation process involving decentralized finance (DeFi), ethical restrictions, consumer protection, and how stablecoin rewards should be handled. Earlier, seven Democratic senators opposed an emerging draft and called for stronger safeguards. Garlinghouse has repeatedly urged lawmakers to accept a workable compromise. He supported passage of the bill in July despite unresolved disputes, when Democratic senators sought to add ethics and enforcement provisions.

Congress has a tight schedule and a narrowing legislative window

A Senate vote will not complete the entire legislative process. If the text approved by the Senate is different from the House version, the two houses must coordinate the respective versions before sending the legislation to the president for signature.

According to the schedule, the House of Representatives will recess again after September 15 with only four legislative working days remaining. The timetable leaves very limited time for lawmakers to review and approve any changes passed by the Senate.

If Congress fails to complete the process before campaign activity intensifies before the midterm elections, deliberations may shift to the lame-duck session after the election. The possibility of passage during this period remains, but it depends on leadership priorities and election results.

Relevant analysis points out that according to the current calendar, Congress has only 14 working days left to process the legislation. Although the timetable does not necessarily lead to failure, it limits the feasible path for legislation.

Institutional action is no complete substitute for legislation

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have taken steps to clarify their approach to digital assets. Their guidelines can influence enforcement priorities, disclosure expectations, and how specific products are handled.

However, the agency statement cannot provide the statutory division of powers contemplated by the CLARITY Act. In addition, rules introduced by one administration may also face legal challenges or revisions under future leadership.

The next node to watch is the Senate procedural vote expected on September 15. If the closing debate is successful, lawmakers will still need to approve the bill, resolve any differences with the House, and complete the process within a restricted congressional calendar.

Thus, Garlinghouse's claim that U.S. crypto leadership is "within reach" largely depends on the implementation of legislation. The White House meeting demonstrated access channels and policy support, and the upcoming Senate vote will test whether these priorities can be translated into binding law.