Ripple CEO Brad Garlinghouse has once again thrown his support behind the push to advance the Digital Asset Market Clarity Act.
He has urged lawmakers to move forward with the legislation despite political disagreements.
Garlinghouse recently took to Elon Musk's X social media network to respond to comments from Ripple Chief Legal Officer Stuart Alderoty, who argued that lawmakers should not allow the pursuit of a perfect bill to prevent the passage of the vital legislation.
“My thoughts exactly…. Perfect can't be the enemy of good. Let's get this done!” Garlinghouse wrote.
Alderoty described the Clarity Act as a consumer protection measure that is meant to establish clearer rules for the digital asset industry while strengthening enforcement capabilities.
"The Clarity Act is a consumer protection bill: strong AML/KYC, real tools for law enforcement and state AGs,” Alderoty said. “Leave it on the table, and consumers are left twisting in the wind with the status quo with no clear standards for bad actors to exploit (again)."
The comments come as the legislation faces renewed opposition from some Senate Democrats. A group of Democratic senators, including Maryland’s Angela Alsobrooks, New Jersey’s Cory Booker, Nevada’s Catherine Cortez Masto, and Arizona’s Ruben Gallego, have opposed the latest version of the bill.
There is growing uncertainty around the bill’s path forward, and the path for its passage narrows dramatically. The odds of the Clarity Act being signed into law this year have now plunged below 40%.
Joshua Riezman of GSR has argued that disagreements over issues beyond the bill’s primary purpose should not derail broader market structure reforms.
“It’s hard not to look at the debate around CLARITY and think some Senate Democrats are getting both the policy and the politics wrong,” Riezman said.
He warned that rejecting the legislation could preserve regulatory uncertainty.
"Killing market structure over issues outside the bill’s core purpose doesn’t produce a better outcome,” Riezman added. "It preserves regulatory chaos, pushes innovation offshore, and wastes years of bipartisan work."
Coinbase calls for Senate vote
Coinbase CEO Brian Armstrong also backed the legislation, claiming that the Clarity Act is ready for a full Senate floor vote.
"The bill represents a true bipartisan compromise with thousands of hours of work on both sides," Armstrong said.
Armstrong argued that the current regulatory environment has failed to protect American consumers.
"The status quo in the U.S. isn't working,” Armstrong said. “There’s no federal framework, so bad actors like FTX can harm U.S. customers, and much of the industry has gone offshore totally outside U.S. purview."
According to Armstrong, the legislation would provide consumer protections and give the U.S. a clearer path to compete in the global digital asset market.
"Crypto can't be uninvented at this point, so whether you love crypto or hate crypto, you should want clear federal laws," he said.
Dan Burgin
U.Today Editorial Team
