XRP fell roughly 10% to $1.29 on Sept. 16, underperforming bitcoin, ether and solana after a failed Senate cloture vote left crypto market-structure rulemaking to regulators and delayed legislation until 2027. The token had risen as much as 9.8% before the vote and reached $1.49 on Sept. 14, while XRP options activity surged 350%. Ripple chief legal officer Stuart Alderoty said the company and XRP stand on settled ground, citing a 2023 federal court ruling that programmatic XRP sales on exchanges were not securities transactions and a March 17 joint interpretive release from the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) naming XRP among 18 digital commodities. Ripple called the failed vote a tremendous missed opportunity, while former CFTC chairman Christopher Giancarlo said the agencies were pursuing U.S. frameworks rather than allowing activity to move offshore.