Ripple CEO says US crypto rules near decisive test

Ripple chief executive Brad Garlinghouse told investors on Aug. 22 that the United States is "closer than ever" to establishing clear cryptocurrency rules after a week of regulatory meetings in Washington.

Participation in CFTC Innovation Advisory Committee

Garlinghouse attended the Commodity Futures Trading Commission’s inaugural Innovation Advisory Committee meeting on Aug. 20. The committee, which includes leaders from Coinbase, Uniswap Labs, CME Group, Nasdaq and Cboe Global Markets, advises the CFTC on technology, finance, law and policy but cannot enact legislation or issue regulations.

Recent regulator guidance

In March, the SEC and CFTC released a joint interpretation that categorises digital assets into five groups: digital commodities, digital collectibles, digital tools, stablecoins and digital securities. The guidance also addresses airdrops, mining, staking and token‑wrapping. While the interpretation became effective on March 23, it remains agency guidance, not statutory law, and could be revised or withdrawn.

Legislative outlook – the CLARITY Act

The Digital Asset Market CLARITY Act faces a procedural cloture vote on Sept. 15. The Senate must secure 60 votes to move the bill forward for debate, amendment and eventual passage. The legislation addresses issues such as stablecoin rewards, DeFi protections, ethics provisions, illicit‑finance controls and consumer safeguards.

Ripple’s ongoing legal context

Ripple’s 2023 court ruling that XRP is not necessarily a security applied only to the specific transactions under review. The company still faces a $125.04 million civil penalty and an injunction covering future securities registration violations. Both parties dismissed cross‑appeals in 2025, leaving that judgment in effect.

Outlook

Garlinghouse’s optimism reflects recent regulatory guidance, but lasting statutory clarity will require congressional action. The upcoming Senate cloture vote will determine whether the CLARITY Act proceeds toward a full legislative debate.