A definition written overnight decides whether XRP is a commodity
A definition written overnight decides whether XRP is a commodity
Senate Republicans circulated a revised CLARITY Act text shortly before the September 15 cloture vote, expanding the bill from roughly 616 pages to 635.The draft defines an ancillary asset separately as a network token whose value depends on the entrepreneurial or managerial efforts of an originator or someone related to the originator.Under the revised language, XRP would be treated as a digital commodity in secondary markets regardless of the quantity Ripple holds, and no provision in the bill causes an ancillary asset to stop being a network token.The revision arrived alongside a reported White House concession on expanded conflict-of-interest rules and state-level enforcement powers, both aimed at securing Democratic votes.The cloture vote on the motion to proceed requires 60 votes, and Republicans hold 53 seats.