- Ripple CEO, Brad Garlinghouse urged the Senate to vote yes on the CLARITY Act, calling the negotiated trades significant.
- Scott Bessent said the final draft gives Treasury added tools to protect community banks from potential stablecoin-related deposit flight.
Ripple CEO Brad Garlinghouse defended the crypto CLARITY Act framework ahead of today’s Senate vote, stating that the bipartisan policy trades made to build the bill “weren’t small.”
Brad Garlinghouse has thrown his support behind Treasury Secretary Scott Bessent’s latest push for the CLARITY Act, urging the Senate to move forward with the crypto market structure bill ahead of the Sep.15 crucial vote.
Bessent said the final draft strengthens the administration’s goal of keeping the U.S. competitive in digital technology while protecting community banks. He pointed to new authority given to the Treasury Secretary to respond if stablecoins trigger deposit flight that harms community banks.
“If stablecoins cause harm to community banks, I will not hesitate to use these tools to ensure they remain fully protected,” Bessent said, stressing that community banks remain important to U.S. economic growth and Main Street.
Garlinghouse quote-posted Bessent’s statement, arguing that the latest CLARITY Act should not be viewed simply as a compromise.
“This bill isn’t just a compromise… it’s the product of real, substantive trades policymakers made to get here,” Garlinghouse wrote. He added that the bipartisan negotiations involved significant concessions, saying the “trades weren’t small.”
Garlinghouse also urged senators not to treat the legislation as something they should merely settle for, but as an agreement they should stand behind.
“Senate: the world is watching and voters are watching. Now is the time to vote yes,” he said.
Revised CLARITY Act Heads to Senate Vote
Ripple CEO comments come after Senate Republicans released a revised version of the CLARITY Act containing 126 significant changes sought by Democrats.
The Senate is set to hold a cloture vote on the motion to proceed with H.R. 3633 at 2:15 p.m. ET. The vote is not final passage, but it could determine whether the bill moves forward for debate. The revised text includes new ethics provisions, enforcement powers for state attorneys general and measures addressing concerns around stablecoins and financial stability. Republicans say the changes were made to win enough Democratic support to reach the 60-vote threshold.
XRP is near $1.42, up roughly 5% over 24 hours, after reaching about $1.49 on September 14.
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