After the U.S. Senate failed to pass a procedural vote on the crypto regulation bill known as the Clarity Act, Ripple stressed that XRP’s legal status has not been shaken.

On Sept. 16 local time, blockchain media outlet U.Today reported that Ripple Chief Legal Officer Stuart Alderoty (스튜어트 알데로티) told the XRP community immediately after the vote that Ripple and XRP stand on an already settled legal foundation.

Alderoty cited a 2023 federal court ruling. He said the ruling established that XRP is not a security. He also referred to recent regulatory interpretations by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. Alderoty said that in March the SEC and the CFTC issued a joint interpretation that specified XRP as a digital asset commodity.

The remarks came right after the Senate rejected a cloture vote needed to move the Clarity Act to the next stage. The Senate voted 49 to 50 against the cloture motion to begin consideration of the bill. Passage required 60 votes, leaving the bill 11 votes short.

No Democratic senator supported the cloture motion. Kirsten Gillibrand, Mark Warner, Cory Booker, Raphael Warnock, Ruben Gallego, Angela Alsobrooks, Catherine Cortez Masto, Lisa Blunt Rochester and John Fetterman voted against it. Republicans Susan Collins, Josh Hawley and Jerry Moran also opposed it. Additional talks continued until just before the vote, but did not change the outcome.

Ripple Chief Executive Brad Garlinghouse (브래드 갈링하우스) also did not hide his disappointment. He called it a "painful result" and said, "We poured everything we could into passing the Clarity Act. Most of the industry did as well."

Garlinghouse said a post-mortem review is needed to understand why the bill fell through after months of negotiations. He pointed to Democratic political circles as a factor behind the result, but did not give up expectations for progress on U.S. crypto regulation.

Ripple said the next stage it is watching is rulemaking rather than legislation. Garlinghouse said he expects the SEC and the CFTC to continue work on regulations to fill the legislative gap. He said, "Now the SEC under Chairman Paul Atkins and the CFTC under Chairman Michael Selig will continue to craft rules to fill the legislative gap," and added that Ripple will be actively involved in that process.

As a result, the Senate vote failure has been seen by the U.S. crypto industry as a legislative setback, but Ripple is focusing on highlighting that XRP’s legal classification and regulatory position have already been separately settled. The market’s next attention is expected to focus less on whether Congress will try to revive the legislation and more on what detailed rules the SEC and the CFTC will actually put forward.

Don’t forget - Ripple and XRP stand on settled ground. The 2023 federal Court ruling established XRP is not a security. And in March the SEC and CFTC issued a joint interpretation naming XRP a digital commodity. SEC Chairman Atkins and a CFTC Chairman Selig understand these… https://t.co/63ML5xmbAP