The Senate’s failure to advance the Digital Asset Market Clarity (CLARITY) Act on Tuesday dealt a major blow to the crypto industry’s push for long-awaited market structure rules. But Ripple
The Senate’s failure to advance the Digital Asset Market Clarity (CLARITY) Act on Tuesday dealt a major blow to the crypto industry’s push for long-awaited market structure rules. But Ripple CEO Brad Garlinghouse remains unfazed, insisting the crypto industry will ultimately triumph despite the legislative setback.
Speaking at a digital asset event in Kansas City on Tuesday, Garlinghouse reaffirmed his backing for the landmark crypto market structure legislation. Still, the Ripple boss argued that the bill’s failure to pass would not derail the industry’s broader trajectory.
“When you have a technology that’s better, faster, stronger… that usually wins,” Garlinghouse opined, highlighting his confidence that crypto can continue advancing regardless of the Senate’s failure to advance the CLARITY Act.
The Ripple chief argued that the traditional financial system has struggled to keep pace with rapid technological advances. He also questioned why the United States would risk giving up its leadership in financial innovation to competing markets overseas.
His comments come at a pivotal moment for the U.S. crypto industry. On Tuesday afternoon, the Senate failed to invoke cloture on the Digital Asset Market CLARITY Act, leaving the landmark bill short of the 60 votes required to advance to debate.
Crypto markets came under renewed pressure following the Senate vote. Bitcoin quickly tumbled to a session low near $75,500 within minutes of the vote, while Ether (ETH) fell below $2,400. The decline left Bitcoin down roughly 4% on the day and significantly below its September peak of around $82,000.
Meanwhile, Solana (SOL) slipped below $97, while Ripple-linked XRP fell toward $1.29, according to CoinGecko data, as traders digested the Senate’s rejection of one of the crypto industry’s most closely watched legislative efforts.
The decline extended a reversal that began Tuesday morning, when optimism over the CLARITY Act had briefly lifted major cryptocurrencies at the beginning of the week.
Although the CLARITY Act setback represents a huge disappointment for digital asset adherents, the crypto industry has already secured a major legislative victory in Washington. In 2025, Congress passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with broad bipartisan support, and the legislation was subsequently signed into law.
The achievement marked a striking turnaround for an industry still reeling from the failures and high-profile scandals of 2022. Just three years later, crypto secured a landmark federal framework for stablecoins, and regulators are now working to implement the new rules governing issuers.
