CLARITY Act Passes Senate Banking Committee, Boosting XRP, Solana, Hyperliquid
The CLARITY Act, a crypto market structure bill, passed the Senate Banking Committee on Thursday, moving toward a full Senate vote. The bill resets risk profiles for altcoins, with XRP, Solana, and Hyperliquid identified as direct beneficiaries due to specific provisions. XRP benefits from a grandfather clause that fast-tracks commodity status for tokens with approved or pending ETF products, potentially ending SEC scrutiny. Solana qualifies as a mature blockchain under decentralization thresholds and gains from DeFi safe harbors protecting non-custodial developers and validators. Hyperliquid, a fully on-chain perpetuals exchange, aligns with DeFi safe-harbor provisions, shielding it from broker registration. XRP rose nearly 7% to $1.51, HYPE gained 12% to $43.86, while SOL saw a modest 1.68% increase to $92.70. However, the bill still requires reconciliation with the House and a 60-vote Senate passage, with over 100 amendments pending.
Key facts
- CLARITY Act passed Senate Banking Committee, heads to full Senate vote.
- XRP benefits from grandfather clause for tokens with ETF filings.
- Solana qualifies as mature blockchain under decentralization tests.
- Hyperliquid's on-chain exchange aligns with DeFi safe-harbor provisions.
- Bill faces reconciliation and 100+ amendments before final passage.