Ripple has appeared on the doorsteps of American lawmakers as part of its effort to push the passage of the Clarity Act.
San Francisco-headquartered company, which is known for its association with the XRP cryptocurrency, has launched a mobile campaign in the capital with a branded "Clarity truck" to lobby Congress (as shown in the X post below).
The timing is crucial, given that legislators keep mulling over the major regulatory framework for cryptocurrency.
Lauren Belive, the head of the U.S. Public Policy at Ripple, has quipped that the company is "on the road to clarity—literally!" The exec has stressed that clear crypto rules will be beneficial for consumers and American competitiveness.
The massive Senate hurdle
The passage of the Clarity Act, which aspires to resolve years of regulatory uncertainty, appears to be less likely with each passing day. As of today, Polymarket bettors see only a 43% chance of the bill being signed into law this year.
The Clarity Act cleared the House with strong bipartisan support back in July, but it has struggled to pass the upper chamber.
Negotiations stalled over unresolved ethics and conflict-of-interest provisions. Senate Democrats were reportedly left frustrated by the lack of cooperation.
Moreover, there are disagreements over DeFi platforms as well as stablecoin yield and rewards (the most contentious issue).
So far, no Senate floor vote has been scheduled. The Republicans have to secure at least seven Democratic votes to overcome a filibuster.
The Senate is scheduled to head to its July 4 recess on June 27.
Analysts view early to mid-August as the practical deadline for the bill to pass the Senate.
Ripple previously supported the imperfect legislative effort despite some opposition from the broader industry, stating that clarity is better than chaos.
U.Today Editorial Team
Dan Burgin
