Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong have strongly urged the U.S. Congress to pass the cryptocurrency regulation bill known as the 'Clarity Act.' According to a report by overseas crypto media outlet Cointelegraph, the two CEOs argued that the bill should be forwarded to the Senate floor without delay, even if a bipartisan consensus has not been fully reached.

Senate Pushes for Vote Next Week... Decision Draws Attention Amid Democratic Opposition

According to the report, U.S. Senate Majority Leader John Thune plans to push for a full Senate vote next week (local time), even if sufficient bipartisan support has not yet been secured. With the Democratic Party having expressed its opposition to the recently released crypto bill text, the two chief executives representing the industry are successively releasing statements, escalating the pressure.

Garlinghouse: "Congress Must Make a Decision"... Alderoty: "It's a Consumer Protection Bill"

Ripple CEO Brad Garlinghouse argued through his X (formerly Twitter) account that Congress must pass the Clarity Act despite Democratic opposition. He fully aligned himself with the stance of Ripple Chief Legal Officer (CLO) Stuart Alderoty.

According to statements Alderoty made to the media, the Clarity Act is a 'consumer protection bill' that includes robust Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, as well as enhanced authority for law enforcement and state attorneys general. He warned, "Perfection should not be the enemy of good outcomes," adding, "If the bill is left as is, consumers will remain in the current system without clear standards, which bad actors can exploit." He had previously argued that voting against the Clarity Act would leave the crypto market in a regulatory void, significantly increasing the risk of exploitation by malicious actors. Garlinghouse and Alderoty publicly appealed to senators for their support, urging them to "pass it this time."

Armstrong: "A True Bipartisan Compromise"... Must Avoid Repeating FTX's Mistakes

According to the report, Coinbase CEO Brian Armstrong also raised his voice, stating that the Clarity Act is "ready for a Senate floor vote." He evaluated the bill as "the result of a true bipartisan compromise."

Armstrong pointed out that the absence of a comprehensive federal regulatory framework is exposing consumers to risks, citing the collapse of FTX as an example. He emphasized that the Clarity Act would help the United States maintain its leadership in the crypto industry, arguing, "Crypto is here to stay, so whether you like it or not, clear federal laws are needed." He added, "Since 70% of American voters already believe the U.S. should have passed a comprehensive crypto bill, this is also politically desirable."

Armstrong urged senators to pass the bill, noting that the Clarity Act would significantly strengthen consumer protection while also clarifying the jurisdictions of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

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