Ripple CEO Issues Ultimatum to U.S. Senate... "Seeking Perfection, You Lose Everything"

▲ Ripple CEO Garlinghouse, XRP/ChatGPT Generated Image

Ripple CEO Brad Garlinghouse delivered a last-ditch effort to the U.S. Senate, urging them not to block the cryptocurrency market structure bill.

According to U.Today on September 15 (local time), Garlinghouse urged via X (formerly Twitter) that the bill should not be abandoned due to remaining disagreements. He emphasized, “This bill is not just a compromise, but the result of months of negotiation among policymakers, involving significant give-and-take concessions.” He added, “Perfection should not be the enemy of good.”

Garlinghouse's remarks came after U.S. Treasury Secretary Scott Bessent urged lawmakers to pass the bill. Republicans unveiled an amended bill over the weekend, reflecting more than 100 substantive amendments requested by Democrats after months of negotiations. Significant concessions were made on key contentious issues, which briefly raised expectations for the bill's passage.

On the prediction market Polymarket, the probability of the U.S. cryptocurrency market structure bill being enacted into law by 2026 jumped from the low 20s to approximately 35% on September 14. Galaxy Digital CEO Mike Novogratz also emphasized over the weekend, “The bill is not dead.” However, with renewed opposition from Democratic lawmakers, the probability subsequently plummeted to the high teens.

U.S. Senator Mark Warner stated that the amendments were insufficient, and U.S. Senator Ruben Gallego also indicated that the latest draft still has much room for improvement. Staff members of the Banking Committee, led by U.S. Senator Elizabeth Warren, also shared arguments against the compromise bill. The Senate is scheduled to hold a cloture vote on September 15 to begin debate on the bill.

Even if the vote on the 15th fails, the U.S. cryptocurrency market structure bill will not be immediately scrapped. However, U.Today reported that any further delays could make it much more difficult to pass the bill definitively by 2026. Garlinghouse made it clear that the debate on the bill should continue, preserving the compromise reached over several months.

[Article Summary]

-Ripple CEO Brad Garlinghouse urged the Senate to continue deliberating the U.S. cryptocurrency market structure bill.

-The Republican amendment incorporated over 100 substantive changes requested by Democrats, but some Democratic senators continue to oppose it.

-Polymarket's probability for the bill's passage by 2026 rose to approximately 35% but then dropped back to the high teens.

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