XRP fell more than 8% after U.S. lawmakers rejected an effort to advance the Digital Asset Market Clarity Act, extending its decline from roughly $1.42 on Sept. 14. CryptoSlate data showed the token reaching $1.27 before recovering to about $1.29 as of press time, amid broader weakness across major cryptocurrencies and leveraged long liquidations. The Senate’s 49-50 vote failed to invoke cloture on a motion to proceed to H.R. 3633, keeping the bill from reaching Senate debate and removing a near-term path toward a federal market-structure framework. Ripple Chief Executive Brad Garlinghouse said the outcome “stings” but does not change the company’s commercial trajectory, momentum, global footprint or customer base. Ripple Chief Legal Officer Stuart Alderoty said XRP remains on “settled ground” following March actions by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), which identified XRP among 18 digital commodities and aligned administration of the Commodity Exchange Act with the SEC’s interpretation. That digital-commodity treatment remains in effect, although it is less durable than legislation and still permits transaction-specific analysis under the Howey test. Ripple expects SEC Chairman Paul Atkins and CFTC Chairman Mike Selig to play a larger role in developing crypto rules, while the company remains engaged with both agencies and expects XRP’s status to survive future rulemaking. Ripple also said demand remains strong across payments, stablecoins and institutional markets. U.S. spot XRP ETFs had drawn about $1.71 billion in cumulative net inflows through Sept. 14 and held roughly $1.58 billion in net assets, ranking behind only Bitcoin and ETH among major U.S. single-asset spot crypto ETF categories and ahead of Solana’s roughly $1.37 billion in cumulative inflows. The next test is whether that demand persists and whether regulators can turn the March interpretation into a more durable framework.