XRP and Bitcoin: Ripple and Strategy speak out after CLARITY Act setback Ripple and Strategy say the failed vote on the CLARITY Act leaves XRP and Bitcoin legally intact.
The Senate blocked the bill with 49 votes in favor and 50 against—11 votes short of the 60 needed.
XRP fell 11.35% in 24 hours, more than three times Bitcoin’s drop.
Ripple and Strategy told investors that nothing legally changed for XRP and Bitcoin (BTC) after the Senate blocked the CLARITY Act on Tuesday. The law would have written the rules for the U.S. crypto market into federal law.
The vote failed with 49 in favor and 50 against. Sixty votes were needed. Crypto markets reacted, but the impact was quickly contained.
Ripple and Strategy say the legal foundation remains intact
Stuart Alderoty, Ripple’s general counsel, pointed to two wins that occurred before the vote. A 2023 federal ruling found that XRP sales on exchanges were not securities transactions. The same judge also ruled that Ripple’s institutional sales did violate securities laws.
Then, in March, two U.S. regulators went further. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) placed XRP among 16 assets called digital commodities.
“Don’t forget: Ripple and XRP are on solid ground. The 2023 federal ruling established that XRP is not a security. And in March the SEC and CFTC issued a joint interpretation naming XRP a digital commodity,” Alderoty wrote on X.
Strategy made the same argument for Bitcoin. The firm, formerly known as MicroStrategy, holds 845,050 BTC purchased for $63.73 billion. That is $75,412 per token. Bitcoin was trading near $76,206 after the vote. The investment was about 1% above cost.
$BTC $XRP
The Senate blocked the bill with 49 votes in favor and 50 against—11 votes short of the 60 needed.
XRP fell 11.35% in 24 hours, more than three times Bitcoin’s drop.
Ripple and Strategy told investors that nothing legally changed for XRP and Bitcoin (BTC) after the Senate blocked the CLARITY Act on Tuesday. The law would have written the rules for the U.S. crypto market into federal law.
The vote failed with 49 in favor and 50 against. Sixty votes were needed. Crypto markets reacted, but the impact was quickly contained.
Ripple and Strategy say the legal foundation remains intact
Stuart Alderoty, Ripple’s general counsel, pointed to two wins that occurred before the vote. A 2023 federal ruling found that XRP sales on exchanges were not securities transactions. The same judge also ruled that Ripple’s institutional sales did violate securities laws.
Then, in March, two U.S. regulators went further. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) placed XRP among 16 assets called digital commodities.
“Don’t forget: Ripple and XRP are on solid ground. The 2023 federal ruling established that XRP is not a security. And in March the SEC and CFTC issued a joint interpretation naming XRP a digital commodity,” Alderoty wrote on X.
Strategy made the same argument for Bitcoin. The firm, formerly known as MicroStrategy, holds 845,050 BTC purchased for $63.73 billion. That is $75,412 per token. Bitcoin was trading near $76,206 after the vote. The investment was about 1% above cost.
$BTC $XRP
