Millions of Americans already hold digital assets. They trade, invest, and build on crypto platforms daily, but no federal law has established a comprehensive market structure framework for the industry.
That is the reality Ripple CEO Brad Garlinghouse recently addressed, as the U.S. Senate Banking Committee released the text of the Digital Asset Market Clarity Act ahead of the markup vote scheduled for May 14.
Senator Tim Scott, who chairs the Senate Banking Committee, positioned the bill as a delivery of certainty and accountability for families, small businesses, investors, and innovators. That set the stage for Garlinghouse to weigh in.
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. Ripple stands behind this bill because they deserve the same rules and protections as every other asset class. If… https://t.co/orvdQHDbEz
— Brad Garlinghouse (@bgarlinghouse) May 13, 2026
Garlinghouse on Leadership and Accountability
Garlinghouse praised the committee, stating, “The Senate Banking Committee is putting in the work as it moves the Clarity Act forward.” He called it “incredible leadership.”
Garlinghouse also tied his support to a practical argument. He noted that millions of Americans are already in the market, and Ripple supports the bill because they deserve the same rules and protections as other market classes.
Garlinghouse has consistently pushed for regulatory clarity at the federal level. XRP itself already has regulatory clarity, but rules governing the broader industry could provide a stronger foundation for growth and encourage institutional adoption.
What the CLARITY Act Establishes
The recently released 309-page draft covers significant ground. It grants the CFTC exclusive jurisdiction over digital commodity spot markets while the SEC retains authority over investment contract assets. An expedited registration process is established for exchanges, brokers, and dealers.
On stablecoins, the bill prohibits passive interest on stablecoin balances but permits rewards tied to transactions and platform usage. Banks and credit unions receive explicit authorization to custody and trade digital assets. Non-custodial blockchain developers are also protected, excluded from money transmitter classification solely based on their code.
The Urgency Behind the Vote
The White House has set a July 4 target for signing the bill into law. Congress heads into Memorial Day recess on May 21. Senator Bernie Moreno has warned that failing to pass the bill this month could push it into 2027. The committee markup on May 14 is the next step.
The CLARITY Act is not special treatment for crypto, but equal treatment under the law. Garlinghouse closed his statement with a call to action. “If the largest economy in the world is going to lead on crypto, and it must, this is the moment,” he wrote. “Let’s get it done.”
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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