Ripple CEO Brad Garlinghouse stated that even if the U.S. Congress fails to pass the highly anticipated Clarity Act, the crypto industry will not come to a standstill as a result. He said at a digital assets event in Kansas City that faster and more efficient technologies usually gain an advantage in the long-term competition.

The Senate undergoes a crucial procedural vote

This statement comes at a critical juncture for the bill. The U.S. Senate is scheduled to hold a procedural vote on Tuesday afternoon regarding the motion to advance Clarity Act, that is, to decide whether to initiate the procedure to terminate debate.

Supporters of the bill are currently facing significant resistance. The Republican Party has 53 seats in the Senate, but typically 60 votes are required to advance a bill, which means that at least 7 Democrats or independent legislators are also needed to provide their support.

The Republican Party's revised text still has not garnered sufficient support.

In an effort to gain cross-party support, Republicans released a significantly revised text before the vote, claiming that it incorporated 126 substantial amendments proposed by the Democratic side.

However, several Democratic senators stated that these concessions are still not sufficient to address their concerns. As a result, there is still considerable uncertainty as to whether the bill will be able to successfully overcome the procedural hurdles.

Garlinghouse claims the industry will not come to a standstill due to a single bill

Garrinhos reiterated his support for the bill and called on senators to support moving the legislation to the next stage. He believes that legislators should not abandon a proposal that has already reached a compromise basis in pursuit of a "perfect version."

He also stated that the current financial system in the United States has failed to keep up with technological changes. If the U.S. cannot make progress in regulation and market structure for a long time, it may hand over its leading position in the industry to overseas markets.

However, he also emphasized that even if this highly anticipated bill does not pass in the end, the crypto industry itself will not disappear. According to U.S. congressional procedures, even if this proposal is not passed this time, it does not mean the end of the bill altogether. But with midterm elections approaching, the time window for significant legislation is narrowing.