"XRP is trading near $1.30 right now, and the CLARITY Act is the difference between its commodity classification being written into law or remaining something a future administration could quietly undo."
"The Senate calendar only has about 18 working weeks left before the midterm campaign season takes over, and multiple lawmakers have stated that if this doesn't move by May, crypto legislation would get shelved."
"Getting through the committee is only the first of five steps before the bill becomes law. It still needs 60 votes on the Senate floor, reconciliation with the Agriculture Committee version, reconciliation with the House version, and a presidential signature."
The Senate is on recess until April 13, delaying the CLARITY Act markup. XRP's classification as a commodity hinges on this bill. The Banking Committee has two weeks to advance the bill before midterm elections complicate the Senate schedule. The stablecoin yield dispute previously stalled the bill, but an agreement is now close. The bill must pass several steps, including gaining 60 Senate votes and reconciling with other versions. Time is limited, as lawmakers warn that crypto legislation may be shelved if not addressed by May.
Read at 24/7 Wall St.
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