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Crypto asset manager Grayscale Investments examined the CLARITY Act’s place in Washington’s digital asset policy debate as lawmakers consider how crypto markets should be supervised. Zach Pandl, Grayscale Head of Research, outlined the bill’s role in shaping digital asset regulation on May 7.
Rather than treating the legislation as a narrow policy update, Pandl described CLARITY as a broad market structure bill. He wrote that it would clarify which federal regulator oversees which activities. The proposal would create a framework separating investment contracts from digital commodities. Under that approach, the Securities and Exchange Commission (SEC) would regulate investment contracts, while the Commodity Futures Trading Commission (CFTC) would oversee digital commodities. The Grayscale head of research stated:
That enforcement-led approach has shaped Grayscale’s view of the bill’s importance. Pandl wrote that tens of billions of dollars in regulatory fines have been paid. He also said many potential participants have avoided crypto due to fears of regulatory backlash, even as the market expanded into a multi-trillion-dollar ecosystem.
Developers, investors, exchanges, brokers, custodians, and asset issuers would all be affected, according to Grayscale. Developers would receive clearer guidance for structuring and launching projects. Investors would face less legal uncertainty around ownership and project outlook. Trading venues, brokers, and custodians would gain clearer registration paths.
Asset issuers would also face more defined requirements for token distribution and ongoing compliance. Regulators, in Grayscale’s view, would operate within a clearer framework instead of relying on fragmented enforcement decisions. Pandl presented that structure as central to reducing uncertainty across digital asset markets.
Public pressure has also entered the Senate debate. Stand With Crypto delivered a petition with more than 28,000 signatures to Washington on April 30, urging the Senate Banking Committee to mark up the CLARITY Act. A survey released on May 7 found 52% of voters supported the bill after reviewing a neutral summary, while 70% said the United States should already have passed clear crypto legislation. Committee timing sharpened after the Senate Banking Committee scheduled a May 14 executive session to consider H.R.3633, the Digital Asset Market Clarity Act of 2025.
Passage remains uncertain, despite renewed movement in Washington. Pandl cited Polymarket odds giving the CLARITY Act a 67% chance of passing in 2026. The bill still must advance through the Senate Banking Committee, pass the full Senate, and win approval from both chambers. Grayscale said meaningful progress before the July recess would be important to maintain momentum.
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XRP-focused crypto treasury firm Evernorth has submitted a Form S-4 registration statement to the U.S. Securities and Exchange Commission in a process to go public through a business combination with special purpose acquisition company Armada Acquisition Corp. II.
The Wednesday filing shows that the combined entity will operate as Evernorth Holdings Inc. after the proposed merger, and is expected to list on Nasdaq under the ticker symbols XRPN for its Class A common stock and XRPNW for warrants.
The filing estimates that the merged entity will hold at least 473 million XRP at launch, including contributions from Ripple and open-market purchases funded by the merger proceeds. Previous reports stated that the merger transaction is expected to raise over $1 billion in gross proceeds, including investments from SBI, Ripple, Pantera Capital, Kraken, and GSR.
An S-4 filing is a preliminary registration statement required by the SEC for companies seeking to publicly register shares in connection with a business combination, such as a merger or acquisition.
Evernorth, established in 2025, is an institutional vehicle primarily holding and managing XRP as its core reserve asset. Its strategy includes acquiring XRP, participating in the XRP ecosystem, generating yield through lending and liquidity provisioning, operating validators on the XRP Ledger, and utilizing Ripple's RLUSD stablecoin for certain operations.
Evernorth is built to provide investors more than just exposure to XRP's price," Evernorth CEO Asheesh Birla said in an October statement. "As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption."
Meanwhile, Armada Acquisition Corp. II, completed its initial public offering in May 2025, raising approximately $230 million.
According to The Block's crypto price page, XRP is currently the fourth-largest cryptocurrency with a market capitalization of $89.6 billion. The cryptocurrency is trading at $1.46, down 4% in the past 24 hours, leading up to 10:30 p.m. ET.
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