'Pass the DAM Clarity Act': Ripple CTO Emeritus Gives Stalled US Crypto Bill Ironic New Identity

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Prominent cryptographer and Ripple CTO Emeritus David Schwartz has found a concise way to describe the main political drama facing the U.S. crypto market. In a post on X, he suggested shortening the official name of the crucial Digital Asset Market Clarity Act to the DAM Clarity Act, which sounds like "the damn Clarity Act." Advertisement "Pass the DAM Clarity Act already," Schwartz wrote, and the short remark immediately drew attention because it accurately captured the industry's growing frustration with the prolonged disputes in Washington. Why Schwartz's three-word joke is rattling the U.S. crypto standoff The bill is trying to make it through the U.S. Senate before American lawmakers leave for their traditional August recess. Pressure from the industry has now reached its peak. HOT Stories Robinhood CEO Breaks Silence on Crypto Hack Cash Cat (CASHCAT), Solana (SOL), XRP and Dogecoin (DOGE) Price Analysis for July 24: Recovery Hype Goes Out Shortly before Schwartz's post, current Ripple CEO Brad Garlinghouse directly urged lawmakers to stop searching for perfect wording and pass the legislation in its current form. According to him, the industry simply cannot wait any longer. Advertisement Or, as I call it, the DAM Clarity Act. Pass the DAM Clarity Act. — David 'JoelKatz' Schwartz (@JoelKatz) July 24, 2026 The essence of the bill is a sweeping reform of the rules governing the market. The legislation proposes shifting oversight of the crypto market away from the strict supervision of the Securities and Exchange Commission, or SEC, and placing it under the more crypto-friendly Commodity Futures Trading Commission, or CFTC. This would automatically resolve the long-running dispute over the status of major cryptocurrencies, including XRP , by formally recognizing them as digital commodities. At the same time, the bill would introduce clear security standards designed to protect ordinary investors from market manipulation. Advertisement You Might Also Like Fri, 07/24/2026 - 00:01 Cash Cat (CASHCAT), Solana (SOL), XRP and Dogecoin (DOGE) Price Analysis for July 24: Recovery Hype Goes Out By Arman Shirinyan Although the U.S. Treasury has described the legislation as being in its final stage, behind-the-scenes disputes are continuing in the Senate. Some lawmakers are demanding tougher anti-money-laundering provisions and stricter controls over stablecoins. Lawmakers have almost no time left to reach a compromise, with only days remaining before the recess. As the Senate remains stuck in endless negotiations, Schwartz's sardonic title risks becoming the most accurate description of the bill's fate. #Ripple News #CLARITY Act