Ripple urges Senate to support CLARITY Act, warns opposing the bill would preserve FTX-style risks

: Ripple’s Global Head of Public Policy and Government Affairs, Lauren Belive, stated that opposing the CLARITY Act is not opposition to the crypto industry, but rather opposition to consumers, and would continue exposing crypto holders to bad actors who exploit regulatory arbitrage. Belive noted that while a digital asset market already exists in the United States, federal rules protecting consumers have not kept pace. She pointed out that the regulatory gaps that led to the collapse of FTX and the loss of customer funds still persist. Belive indicated that the CLARITY Act would grant the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) clear joint jurisdiction over the digital asset market, requiring tokens to undergo regulatory oversight before entering the market. Stuart Alderoty, Chief Legal Officer of Ripple and Chairman of the National Cryptocurrency Association, stated that opposing the CLARITY Act would allow the current unregulated status quo to continue and be exploited by bad actors.