Ripple CEO Says Clear US Crypto Rules Are Closer Than Ever After CFTC Meeting
Key Takeaways
- •The inaugural CFTC Innovation Advisory Committee, which first met on August 20, includes executives from Coinbase, Uniswap Labs, Nasdaq, CME Group, Cboe Global Markets, the New York Stock Exchange, and the Depository Trust & Clearing Corporation.
- •The advisory committee can only provide recommendations that may shape future CFTC policies and enforcement; it cannot independently create laws or issue regulations.
- •In March 2026, the SEC and CFTC jointly issued guidance on how securities and commodities laws apply to crypto assets, and the SEC introduced a five-category token framework, but this guidance lacks the force of congressional legislation.
- •The Senate is set to hold a September 15 cloture vote on the CLARITY Act, a market-structure bill that passed the House in July 2025 and would place digital commodity spot markets under primary CFTC oversight while keeping tokens deemed securities with the SEC.
- •Garlinghouse's advocacy for regulatory clarity stems partly from the SEC's December 2020 lawsuit against Ripple over its XRP sales, a closely watched case testing whether a digital token qualifies as a security.
Ripple CEO Brad Garlinghouse said the United States is closer than ever to establishing clear cryptocurrency rules after attending a major policy meeting in Washington. His comments followed the inaugural CFTC Innovation Advisory Committee gathering, where leaders from the crypto industry and traditional finance agreed that existing financial rules no longer fit the digital asset sector.
CFTC Meeting Brings Crypto and Wall Street Together
In a post on X, Garlinghouse described the CFTC Innovation Advisory Committee as an "Olympic roster" of crypto leaders following its inaugural meeting on August 20. The committee includes executives from Coinbase, Uniswap Labs, Nasdaq, CME Group, Cboe Global Markets, the New York Stock Exchange, and the Depository Trust & Clearing Corporation — institutions that operate much of the trading, clearing, and settlement infrastructure behind US capital markets.
He said participants shared a common view that regulations designed for an earlier financial system cannot adequately support consumers, businesses, or innovation today. He also noted that Ripple has advocated for clearer digital asset rules since publishing an open letter to Congress in 2019. The company's push for clarity has been shaped by its own regulatory fight: the SEC sued Ripple in December 2020 over its sales of XRP, a case that became one of the industry's most closely watched battles over whether a digital token qualifies as a security.
Garlinghouse credited recent regulatory efforts by the Trump administration, CFTC Chairman Michael Selig, and lawmakers for moving the industry closer to clearer oversight. However, he emphasized that stronger progress remains necessary before comprehensive federal legislation becomes a reality.
No August doldrums in DC this week! It was great to join the inaugural @CFTC Innovation Advisory Committee (a group I've called "the Olympic roster of crypto.") But for a “crypto” gathering, there were a LOT of TradFi players in the room like @NASDAQ , @CMEGroup , @CBOE ,… pic.twitter.com/T6hjrcK2e8
— Brad Garlinghouse (@bgarlinghouse) August 22, 2026 (x.com/bgarlinghouse/status/2091169396118966692)
The advisory committee itself cannot create laws or issue regulations independently. Instead, it provides recommendations that may shape future CFTC policies and enforcement approaches. The CFTC already regulates US derivatives markets, including crypto futures listed by committee member CME Group.
Congress Faces a Key Crypto Legislation Test
Garlinghouse's optimism comes after regulators introduced several policy changes during 2026. In March, the SEC and CFTC jointly issued guidance explaining how federal securities and commodities laws apply to different categories of crypto assets. The divide between the two agencies — the SEC polices securities while the CFTC oversees commodities and derivatives — has been contested for years and sits at the center of the current legislative push.
The SEC also introduced a five-category token framework covering digital commodities, stablecoins, digital securities, digital collectibles, and digital tools. Additionally, the guidance addressed staking, mining, airdrops, token wrapping, and investment contract considerations.
Despite those developments, the guidance does not carry the force of congressional legislation. Courts are not required to follow the interpretation, and future regulators could revise it.
Attention now shifts to the Senate's September 15 cloture vote on the CLARITY Act. The market-structure bill passed the House in July 2025 and would assign the CFTC primary oversight of digital commodity spot markets while keeping tokens deemed securities under SEC jurisdiction. The procedural vote requires 60 senators and would only allow formal debate to begin rather than approve the bill outright.
Outstanding disagreements over decentralized finance protections, stablecoin rewards, consumer safeguards, ethics provisions, and illicit finance measures continue to cloud the legislation's path. Even so, industry leaders, including Coinbase CEO Brian Armstrong, have expressed optimism that the measure could clear its procedural hurdle.
