XRP traded at $1.009 on Thursday and has stayed pinned near the $1 mark since the Senate left for recess without voting on the CLARITY Act, a bill that would put XRP’s legal status into federal law. The next opening for a floor vote comes when senators return in September. In the meantime, the Commodity Futures Trading Commission (CFTC) has signaled it may keep moving through existing authority rather than wait for Congress. The token reached a record high of $3.65 on July 17, 2025, the same day the House passed the CLARITY Act by 294 to 134, with every Republican voting yes. XRP is now about 72% below that peak, down 2.9% over the past week and 8.7% over the past month. Senate Banking advanced the bill 15-9 in May, but it still needs 60 votes on the Senate floor. XRP ranks sixth by market value at $63.2 billion, but spot ETF demand has stalled while larger tokens gained. Its current legal basis rests mainly on Judge Analisa Torres’ July 2023 ruling that XRP sold anonymously on exchanges was not an investment contract, while Ripple’s direct institutional sales violated registration rules. Ripple later paid a $125 million penalty. Regulators added another layer on March 17, when the SEC and CFTC issued a joint interpretation dividing crypto into five categories, including digital commodities, while saying that effort "complements Congressional efforts to codify a comprehensive crypto market structure framework into statute." The CFTC meets on August 20 in Washington for a session titled "Crypto’s Regulatory Evolution: From Uncertainty to Clarity," with the opening set for 1:30 p.m. ET. The agenda focuses on what the agency can address under existing powers. Ripple CEO Brad Garlinghouse is on the committee alongside the chief executives of Coinbase, Nasdaq, and CME Group. The SEC is also due to vote Friday on proposed crypto offering rules for token fundraising, while Eleanor Terrett reported Thursday, citing people familiar with the matter, that a separate tokenization exemption has been delayed again. Former CFTC Chairman Chris Giancarlo said innovation can continue without legislation, but for XRP the source argues that only statute-level clarity may deliver the certainty institutions have sought since July 2025. Public comments on the CFTC meeting close on August 27.