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XRP XRP investors are about to usher in Washington's most important crypto legislative vote of the year
Senate Republicans released a revised 630-page CLARITY Act before a procedural vote on September 15. XRP investors are taking this opportunity to get closer to Washington's most critical cryptocurrency legislative node this year. The updated text adds new requirements for certain decentralized finance (DeFi) protocols and clarifies rules for credit unions to conduct digital asset activities. However, the bill still lacks bipartisan consensus and its path to passage in the Senate remains full of uncertainty.
Brendan Pedersen, the journalist who obtained the draft, reported that skepticism among Democrats remains strong. A Democratic aide said unresolved ethical issues were "by far the biggest stumbling block" and argued that the latest proposal did not address those concerns. Senator Cynthia Lummis also separately confirmed that the revised legislation will be submitted to the Senate for consideration on September 15. The amendments include requiring agreements that are nominally decentralized but retain substantial centralized control to register with the Commodity Futures Trading Commission (CFTC).
Why this vote is crucial to Ripple and XRP
For XRP, the focus of this vote is not to determine whether XRP itself will suddenly be defined as a security or a commodity, but to establish broader rules for the operation of the U.S. crypto market. Stuart Alderoty, Ripple's chief legal officer, has called September 15 a "weathervane" for legislation, and he believes Congress still has a viable path to establish a federal market structural framework. Brad Garlinghouse, CEO of Ripple, also supported the legislation, saying the CLARITY Act could be the last major regulatory hurdle before large-scale adoption of institutional crypto assets.
XRP is already in a relatively unique position in the debate. Its long-running litigation with the SEC has ended, and recent federal regulatory actions have increasingly tended to juxtapose XRP with mature digital commodities. This regulatory advantage was highlighted in Coinpaper's recent analysis that "even if Congress fails to complete a broader framework, XRP already has clarity."
XRP pulls back before vote
On September 11, XRP was trading at about $1.35, after falling about 4% in the previous trading day. Previously, XRP rebounded sharply from a low of nearly $0.90 in August. As of September 7, XRP had risen about 57% from that low as derivatives activity surged in anticipation of the September 15 narrative. Coinpaper's previous XRP market analysis showed futures trading volume reached $11.37 billion during the rebound.
However, political issues are far more complex than the XRP itself. Reuters reported that on the eve of the vote, both crypto companies and banking groups stepped up their lobbying efforts, while the opposition involved multiple aspects such as ethics, illegal financing rules and potential impact on traditional bank deposits. This makes the September 15 vote more than just a simple XRP catalyst, but also a test of Washington's ability to turn years of debate on crypto regulation into federal law.
