Ripple CEO Brad Garlinghouse believes that cryptocurrency will ultimately prevail regardless of whether the closely watched Clarity Act manages to clear Congress.
During his appearance at a digital asset event in Kansas City on Tuesday, Garlinghouse reiterated his support for the landmark crypto market structure bill. However, its potential failure will not kill the industry, according to the influential executive.
“When you have a technology that’s better, faster, stronger… that usually wins,” Garlinghouse said.
The Ripple boss argued that the existing financial system has failed to keep pace with technological change.
Garlinghouse has also questioned why the United States would risk surrendering its leadership position to overseas markets.
His comments come at a particularly precarious moment for the Clarity Act, which is facing a crucial procedural vote in the Senate on Tuesday.
Crypto will not disappear
As reported by U.Today, the Ripple CEO urged senators to vote in favor of advancing the Clarity Act, arguing that lawmakers should not allow the pursuit of a perfect bill to derail a workable compromise.
He stressed that substantial concessions had already been made during months of negotiations.
Why the Clarity Act is under pressure
Clarity Act supporters do not currently have an easy path to the 60 votes needed to advance it.
Republicans hold 53 seats in the Senate. Hence, the bill would need support from at least seven Democrats or independents, but it seems like they have failed to achieve this.
Republicans released substantially revised text ahead of Tuesday’s vote, saying the package incorporated 126 substantive changes requested by Democrats.
However, several Democratic senators have indicated that the concessions still do not go far enough.
The Senate is scheduled to vote at 2:15 p.m. ET on whether to invoke cloture on the motion to proceed to the Clarity Act.
The legislation would not be dead if the aforementioned motion failed to pass. However, the midterm election calendar has rapidly narrowed the amount of time available for major legislation.
Garlinghouse, however, does not believe that the fate of the industry hinges on the passage of the high-stakes legislation.
