Ripple and MicroStrategy Highlight Legal Clarity for XRP and Bitcoin After CLARITY Act Fails

Ripple and MicroStrategy told investors nothing legal changed for XRP and Bitcoin (BTC) after the Senate blocked the CLARITY Act on Tuesday. The bill would have written crypto’s US market rules into federal law.

The vote failed 49 to 50. Backers needed 60. Crypto markets reacted, but the impact was quickly contained.

Ripple and MicroStrategy Say the Legal Ground Has Not Moved

Stuart Alderoty, Ripple’s chief legal officer, pointed to two wins that came before the vote.

A 2023 federal court ruling found XRP sales on exchanges were not securities deals. The same judge found Ripple’s sales to institutions did break securities law.

Then in March, two US regulators went further. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) listed XRP among 16 assets called digital commodities.

“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,” Alderoty wrote on X.

Strategy made the same case for Bitcoin. The firm, formerly MicroStrategy, holds 845,050 BTC bought for $63.73 billion. That is $75,412 a coin. Bitcoin traded near $76,206 after the vote. The stack sat roughly 1% above cost.