Key Takeaways
- Garlinghouse says U.S. crypto rules have never been closer.
- White House and CFTC meetings brought crypto and TradFi together.
- The CLARITY Act still faces unresolved disputes in Congress.
Garlinghouse Sees White House Shift on Crypto
Ripple CEO Brad Garlinghouse described a significant change in Washington’s treatment of cryptocurrency after joining President Donald Trump, federal regulators, and financial industry leaders at the White House. The official meeting video showed Trump receiving recommendations from cryptocurrency executives, traditional financial institutions, and regulators.
“Great to be back at the White House today,” Garlinghouse wrote in an Aug. 19 post on X. He framed the gathering as recognition that digital assets have developed into a politically and economically significant industry, stating:
“The big picture has never been clearer: 67 million Americans hold crypto today (that’s nearly 1 in 4!). Crypto isn’t a fringe industry. And Washington DC knows the crypto voter is alive and well.”
The gathering covered digital asset legislation, capital formation, tokenization, and U.S. technological competitiveness. An account of the White House crypto meeting also detailed calls for the Senate to advance the CLARITY Act, which would establish federal market structure rules for digital assets.
The Ripple chief executive added:
“This President’s incredible commitment to innovation and leadership around digital assets in the US has been profound. The future is bright.”
Garlinghouse’s ownership figure referred broadly to an industry containing multiple crypto asset types, including blockchain-native coins, tokens, stablecoins, and memecoins.
The 67 million estimate came from the National Cryptocurrency Association’s 2026 State of Crypto Holders Report, which measured ownership at one in four U.S. adults rather than one in four Americans. The Harris Poll surveyed 10,000 self-identified holders from Feb. 12 to March 3, then weighted and extrapolated those responses rather than counting verified wallets or accounts. Ripple Chief Legal Officer Stuart Alderoty serves as president of the association behind the figure.
CFTC Meeting Brings Crypto and Traditional Finance Together
The policy discussion continued Aug. 20 at the Commodity Futures Trading Commission’s inaugural Innovation Advisory Committee meeting. Its agenda covered crypto regulation, artificial intelligence, and prediction markets, including regulatory overlap, inconsistent interpretations, consumer protections, and the absence of a comprehensive federal market structure framework.
After the committee meeting, Garlinghouse emphasized the presence of Nasdaq, CME Group, Cboe, the New York Stock Exchange, the Options Clearing Corporation, and the Depository Trust and Clearing Corporation. In his Aug. 22 assessment on X, the Ripple boss remarked:
“Everyone was in agreement. Rules written for a different era aren’t good enough. Not for consumers. Not for business. Not for innovation.”
The committee advises the CFTC on issues involving technology, law, policy, and finance, but it does not enact legislation. Garlinghouse’s statement that clear rules have “never been closer” reflects his assessment of current political momentum and does not establish that lawmakers have reached a final agreement.
Seven-Year Campaign Meets an Uncertain Senate Vote
Garlinghouse connected the meetings with Ripple’s July 30, 2019, open letter to Congress, which urged lawmakers to distinguish among digital currencies and avoid regulations that disadvantage responsible U.S. companies.
He stated, referring to Commodity Futures Trading Commission Chairman Michael S. Selig:
“I made this case in an open letter to Congress back in 2019. Seven years later, we STILL need clear rules … Thanks to the Trump administration, appointees like Chairman Selig, and a myriad of bold leaders in Congress, we’ve never been closer.”
Congressional negotiations remain unsettled as Senate Democrats challenge the current CLARITY Act framework. Their concerns have included presidential financial conflicts, anti-fraud standards, consumer protections, illicit-finance safeguards, and measures addressing market manipulation.
Ripple Presses Lawmakers While Regulators Prepare Their Own Rules
Ripple leaders have continued their public campaign for the CLARITY Act, arguing that federal standards would provide stronger protections and clearer responsibilities for regulators. Garlinghouse endorsed moving forward despite unresolved disagreements, while Alderoty urged lawmakers not to leave consumers under the existing regulatory structure.
Earlier in the legislative process, Garlinghouse called the bill a pivotal opportunity for U.S. digital asset policy. His latest comments indicate growing confidence after the White House and CFTC meetings, though the bill itself still needs a Senate vote.
Selig separately told the advisory committee on Aug. 20 that the agency can act under authority it already holds. He directed staff to prepare a crypto market regime that would not wait for the CLARITY Act, giving exchanges a possible federal path even if the Senate leaves the bill stalled.
The securities regulator has moved on a parallel track under its own existing powers. The Securities and Exchange Commission (SEC) proposed on Aug. 18 federal offering routes for certain crypto investment contracts under Regulation Crypto Assets, including a one-time $5 million startup exemption and a Tier 2 exemption capped at $75 million over 12 months. Issuers would provide narrative disclosures and, at the higher tier, audited financial statements. Exempt offerings would not require state registration. The 60-day comment period begins after Federal Register publication, and no changes take effect unless the SEC adopts a final rule.
