XRP CEO Says Crypto Industry Will Prevail Regardless of Clarity Act Failure

Ripple CEO Brad Gallett has stated that the cryptocurrency industry will ultimately prevail even if the U.S. Congress fails to pass the Clarity Act.

Speaking at a digital assets event in Kansas City on Thursday, Gallett expressed support for the market structure bill while noting that the industry would not collapse if the legislation did not clear Congress. He cited technological competitiveness as key, stating, 'If you have better, faster, and stronger technology, it usually wins.' He also highlighted that traditional financial systems are struggling to keep pace with technological change.

The comments come as the Senate failed to secure the 60 votes needed for the Clarity Act to advance on Thursday, with a vote of 50-49. While Republican leadership introduced an amendment limiting public officials' cryptocurrency business income, it did not sway enough opposition. The bill's fate now hinges on time constraints before midterms, as legislative schedules tighten.

Gallett had previously urged senators to support the Clarity Act, arguing that pursuing perfection could derail practical compromise. He noted significant concessions have already been made during months of negotiations and stressed that while the legislation is important, the industry's survival does not depend solely on its passage.