Ripple CLO says Sept. 15 will be a 'bellwether' for Clarity Act market structure bill

Quick Take

• The SEC and CFTC will continue advancing crypto rules even if market structure legislation stalls, Alderoty said.
• Alderoty cited 232,000 crypto-adjacent U.S. jobs generating $55 billion in economic activity that could be pushed offshore.

Ripple Chief Legal Officer Stuart Alderoty said Sept. 15 will be a key test for the Clarity Act's prospects in Congress, as lawmakers face a narrowing window to advance the crypto market-structure bill.

"There is a viable path for Clarity," Alderoty told The Block at the Wyoming Blockchain Symposium 2026. "September 15th, there will be the first procedural motion on the Senate floor. Basically, a motion to proceed. You need 60 votes for the motion to proceed to open up the gate."

"So September 15th will be a bellwether mark as to whether this continues to advance through Congress," he added. "We hope it does."

Alderoty, who also serves as the president of the National Crypto Association, argued that regulators would continue moving forward even if the legislation stalls.

"If it doesn't, the SEC and the CFTC have come out publicly and said, 'We're not going to stop with our rulemaking in terms of regulations when it comes to crypto,'" Alderoty said.

He pointed to the coordination between the two agencies as a hopeful piece of the puzzle.

"The SEC and the CFTC are working very closely together, which is a great thing to see," he said. "In the past, they haven't always done that."

Still, Alderoty said that legislation is the primary goal, as it would provide a more durable framework than regulation alone.

"We certainly want legislation. This legislation is sort of unbeatable. It's very hard to undo," he said. "Legislation will always be complemented by regulations. We're going to have regulation one way or the other."

'An incredible opportunity'

Alderoty warned that failure to get a legislative framework across the finish line could ultimately cost the U.S. jobs as well as investments and innovations by forcing crypto companies to expand elsewhere.

"I think the U.S. will miss an incredible opportunity if we don't get it through," he said. "I think they may alienate some of those economic benefits and maybe push it offshore."

He cited new National Crypto Association research that estimates there are 232,000 crypto-adjacent jobs in the U.S., generating $55 billion in economic activity.

"This isn't just good for the crypto industry; it's good for the future," he said. "It's jobs, it's tax dollars, it's innovation, and if we don't get it right, there's a real danger that this is gonna be pushed offshore."

Alderoty also pushed back against the perception that crypto ownership is only concentrated among young men working in fintech. He said NCA research released Tuesday found as many crypto holders are over 55 as under 25, with roughly one-third of them being women.

"Crypto has this reputation that's fueled by the crypto haters, that it's the crypto bros, the crypto boys," Alderoty said. "And it's not. It's really not."

"More crypto holders in this country work in manufacturing and construction than work in finance and tech," he added. "Those are the people that are leaning into crypto. Not because they see it as a replacement for traditional finance; they see it as a supplement to traditional finance. A way to create some independence for them. That's what this is all about."

SEC moves ahead with crypto rules

Alderoty's comments came the same day the SEC proposed "Regulation Crypto Assets," a new framework, building on guidance issued by the SEC and CFTC in March, that would provide certain digital asset offerings with exemptions from existing securities registration requirements.

The proposal includes a startup exemption for offerings of up to $5 million over four years and a fundraising exemption covering offerings of up to $75 million over one year. It also proposes a safe harbor under which a digital asset could cease to be considered a security if certain conditions are met.

SEC Chair Paul Atkins described it as another step toward updating the agency's rules and "onshore innovation in crypto asset markets."

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