Ripple CTO Emeritus David Schwartz has rebranded the stalled US Digital Asset Market Clarity Act as the "DAM Clarity Act," a jab at Washington's delays. The bill is racing to clear the Senate before the August recess, and industry pressure has reached its peak.
Ripple CTO Emeritus David Schwartz has handed the stalled US Digital Asset Market Clarity Act an ironic new name, shortening it to the DAM Clarity Act — a phrase that reads as "the damn Clarity Act." The cryptographer aired the jab in a post on X, writing, according to U.Today: "Pass the DAM Clarity Act already".
What the bill would change
The legislation proposes a sweeping overhaul of how the US governs its crypto market. It would shift oversight away from the Securities and Exchange Commission and place it under the more crypto-friendly Commodity Futures Trading Commission. That change would resolve the long-running dispute over the status of major cryptocurrencies, including XRP, by formally recognizing them as digital commodities.
Beyond that, the bill would also introduce security standards meant to protect ordinary investors from market manipulation.
Industry piles on the pressure
Pressure from the industry has now reached its peak as the bill tries to make it through the Senate before the August recess. Shortly before Schwartz's post, Ripple CEO Brad Garlinghouse urged lawmakers to stop searching for perfect wording and pass the legislation as written.
Wall Street has added its weight too. Charles Schwab, the brokerage giant overseeing roughly $13 trillion in client assets, called the CLARITY Act a fundamental catalyst that needs to pass.
Washington still split on timing
Yet Washington remains divided over the calendar. Senate Majority Leader John Thune told reporters the bill is expected to miss its pre-recess window. White House crypto adviser Patrick Witt pushed back, calling himself slightly more optimistic and pointing to the Senate's first week of August. The bill already cleared the Senate Banking Committee in a 15-9 vote on May 14.
The US Treasury has described the legislation as being in its final stage, but disputes drag on in the Senate. Some lawmakers are demanding tougher anti-money-laundering provisions and stricter controls over stablecoins.
With only days remaining before the recess, Schwartz's sardonic label risks becoming the most accurate description of the bill's fate.
Sources: U.Today, Bitcoin.com News
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