The Republican Party in the U.S. Senate has released a revised draft of CLARITY Act, and plans to hold a procedural vote on September 15th. This bill involves the structural arrangements of the U.S. cryptocurrency market, once again bringing XRP to the center of market attention.

Bill Revision Content

The revised draft is 630 pages long, with the addition of requirements for some DeFi protocols and a clarification of the methods by which credit cooperatives can conduct digital asset business. The draft also includes CFTC registration requirements, targeting those protocols that are nominally decentralized but still retain obvious centralized control.

Differences between the two parties remain.

Reports cited informed sources as saying that the Democratic Party still holds a clearly skeptical attitude towards the draft. A Democratic assistant stated that the unresolved ethical issues are "the biggest obstacle" and believed that the latest version does not address these concerns.

XRP Why is it being driven?

Ripple The Chief Legal Officer Stuart Alderoty referred to September 15 as a "barometer" for this legislation. Ripple The Chief Executive Officer Brad Garlinghouse also supports the bill, believing it may be the last major regulatory hurdle before a broader adoption of crypto assets by institutions.

XRP is also in a rather special situation at present. Its long-term SEC litigation has concluded, and recent federal regulatory actions tend to regard XRP as part of mature digital assets. Coinpaper reports that on September 11, XRP was trading at around $1.35, a decrease of about 4% from the previous trading day.