Key Takeaways:
Ripple executives backed the Senate’s CLARITY Act before a Banking Committee markup.Supporters say the bill could strengthen consumer protections and digital asset oversight.Lawmakers will use revised text shaped by regulators, advocates, and industry input.“The Senate Banking Committee is putting in the work as it moves the Clarity Act forward… incredible leadership! Millions of Americans are already in this market,” Garlinghouse wrote on X, adding:
Senate CLARITY Act Draws Broad Industry SupportSenator Tim Scott stated:
“Families, small businesses, investors, and innovators deserve clear rules of the road for digital assets. The Senate’s version of the CLARITY Act delivers certainty, safeguards, and accountability, while protecting Main Street, strengthening national security, and keeping innovation in America.”
The CLARITY Act text released by Scott, Sen. Cynthia Lummis, and Sen. Thom Tillis on May 12 will serve as the basis for the Banking Committee markup on May 14. Committee Republicans said the proposal reflects negotiations with Democratic colleagues and input from regulators, law enforcement officials, financial institutions, innovators, and consumer advocates. The proposal focuses on market structure rules for digital assets.
