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XRP Ripple CEO Brad Garlinghouse says the U.S. has entered a critical phase in the long process of developing cryptocurrency rules. His judgment came after the CFTC held its first Innovation Advisory Committee meeting on Aug. 20. The conference brought together regulators, cryptocurrency executives and traditional financial leaders in Washington. [TAG
Garlinghouse described the CFTC meeting as an "Olympic lineup" of industry and financial market leaders. Members include Coinbase CEO Brian Armstrong, Uniswap Labs CEO Hayden Adams and Chainlink Labs co-founder Sergey Nazarov. Executives from Nasdaq, Chicago Mercantile Exchange Group, Chicago Options Exchange Global Markets, American Depository Trusts and Clearing Corporation and London Stock Exchange Group also participated to integrate traditional finance more deeply into policy discussions. In this broader institutional context, Galinhaus said there was widespread agreement among participants that old financial rules no longer apply to modern digital markets.
This consensus also marks a significant shift in Ripple's position seven years ago. In July 2019, Garinhouse and executive chairman Chris Larson urged Congress not to treat all digital assets equally. They also warned that regulatory uncertainty could lead to jobs and investment flowing overseas. But since then, the federal regulatory framework has changed significantly.
The shift became more evident in March, when the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued joint guidance covering multiple cryptocurrency asset classes and transactions. The explanation covers pledges, mining, encapsulation and airdrops, while reiterating that the Howe test remains a binding legal precedent. Subsequently, on August 18, the U.S. Securities and Exchange Commission proposed a broader framework, including new fundraising exemptions and possible safe havens for certain digital assets. However, regulatory rules do not provide the same durability as federal legislation.
The Senate vote on September 15 becomes the next test of the Clarification Act
The legislative focus now turns to September 15, when the Senate plans to advance H.R. Bill 3633 held a closing debate vote. The bill, called the Digital Asset Markets Clarity Act, is the next major test of U.S. cryptocurrency regulation. The vote at 2:15 pm EST will not pass the bill, but will determine whether the Senate can enter the debate stage, which requires 60 votes to end. Even if lawmakers pass this procedural hurdle, a number of disputes remain unresolved.
Negotiations continue on ethics provisions, illegal financial safeguards and other market structural issues. In this context, President Donald Trump urged Congress on August 19 to pass a "fair version" of the bill. The bill aims to clarify when digital assets fall within the scope of securities or commodity regulation and determine how regulatory powers should be divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission. For Ripple, this distinction takes on additional significance after years of litigation involving XRP sales. The case officially ended in August 2025 and both parties withdrew their appeals. However, a $125.04 million civil fine and an injunction on sales by unregistered agencies remain in effect. Previously, the district court ruled that programmatic XRP sales on public exchanges were not unregistered securities offerings, while certain institutional sales were found to violate securities laws.
This legal history helps explain why Garlinhouse continues to emphasize congressional action. Regulators have provided clearer guidance, but a lasting national market structure still relies on legislation. As a result, the September vote provides the clearest short-term test of whether Washington can turn regulatory momentum into lasting federal law.
