Ripple CEO Brad Garlinghouse says Clarity better than chaos as Senate hits key moment

The crypto market structure Clarity Act needs to get to its next step, a Senate hearing, this month to have a reasonable chance, Garlinghouse said.

What to know:

• Ripple CEO Brad Garlinghouse maintains hope for the Senate's Clarity Act, the crypto industry's top policy aim, but he said its survival depends on the next two weeks.
• The market structure bill is awaiting the scheduling of a Senate Banking Committee hearing, though bank lobbyists are still dragging their feet.

Miami Beach, FL — Brad Garlinghouse, Ripple's CEO, has been closely following the U.S. Senate's progress on the crypto market structure bill, and he said it's not a "done deal" as the next two weeks may be pivotal for the legislation's chances.

"If it doesn't happen then, I think the likelihood is going to drop precipitously," Garlinghouse said Tuesday at Consensus 2026 in Miami. But he said he still thinks it's likely to happen, and the next moment will be the scheduling of the Senate Banking Committee's long-awaited hearing to "mark up" the bill and advance it to the next stage.

Senators at the center of the negotiations over the Digital Asset Market Clarity Act revealed last week the latest compromise language on a major sticking point — stablecoin yield — that is expected to allow the banking panel to schedule the hearing.

"Do I think it's perfect? Hell, no," Garlinghouse said. "There's tradeoffs and compromises, but I do think clarity is better than chaos."

The stablecoin compromise aims for a balance that allows crypto firms to pursue certain rewards programs without offering yield-bearing stablecoin accounts that resemble banks' interest-bearing deposits that fuel U.S. lending. Crypto insiders have generally agreed that it's acceptable, but a coalition of banking groups said this week that the deal "falls short."

The Ripple CEO said the importance of the Clarity Act lies in the permanence of backing crypto-friendly policies already being established at the U.S. Securities and Exchange Commission by Chairman Paul Atkins, who replaced a crypto-resistance predecessor, Gary Gensler. Without a law, Atkins' successor can simply change those policies.

"There will be another Paul Atkins after Paul who we don't know which side of this argument they're going to fall on," Garlinghouse said. "Hopefully, the trend line has moved far enough we don't go back, no matter what, but codified into law means you kind of can't go back."

Also at Consensus, Garlinghouse predicted that the stablecoin market will reach $3 trillion by 2031. Ripple Labs launched its own stablecoin, RLUSD$1.0017, in 2024. The current market is at about $320 billion, led by Tether's USDT.

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Jacob Smagula previously worked on the government affairs team at bitcoin mining company MARA and is currently on the policy team at the DeFi Education Fund.

What to know:

• The American Innovation Project has added two fellows, Jacob Smagula and Hugo Swangstu.
• Smagula previously worked on the government affairs team at MARA, a publicly traded bitcoin mining company, and is currently on the policy team at the DeFi Education Fund.
• Founded in 2025 and backed by major crypto industry...

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