David Schwartz, Ripple’s CTO Emeritus, has offered a blunt nickname for the stalled U.S. Digital Asset Market Clarity Act, calling it the "DAM Clarity Act" to express growing frustration over congressional delays.
The bill aims to overhaul crypto regulations by moving oversight from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), which is considered more crypto-friendly. This shift would clarify the legal status of cryptocurrencies like XRP, officially recognizing them as digital commodities and resolving long-standing disputes. It would also introduce clearer protections for investors against market manipulation.
In the face of inaction, Schwartz’s tweet saying, "Pass the DAM Clarity Act already," gained swift attention, echoing sentiments from industry leaders including Ripple CEO Brad Garlinghouse. Garlinghouse recently called on lawmakers to stop debating wording and approve the bill as is, emphasizing that the crypto sector cannot afford further delays.
The Senate is under pressure to pass the legislation before its August recess, but progress remains uncertain. To date, the bill has been pending for months, with few signs of movement. Meanwhile, the ongoing regulatory limbo keeps companies and investors in suspense, affecting market confidence and innovation.
the bill’s passage could mark a significant regulatory milestone by formally shifting crypto oversight in a way that might bring stability to the market. Yet, the clock is ticking Washington’s inaction has already stretched for over half a year, prompting calls for urgent action.
