Two days from now, the US Senate Banking, Housing, and City Affairs Committee will give the XRP military its most intently watched stage because the lawsuit between Ripple and the US Securities and Trade Fee started. At 10 a.m. ET on Wednesday, July 9, the panel will convene in Dirksen 538 for a listening to titled “From Wall Road to Web3: Constructing Tomorrow’s Digital Asset Markets.”
The session can be webcast reside and—crucially for XRP holders—will function Ripple Chief Govt Brad Garlinghouse alongside Blockchain Affiliation chief govt (and former CFTC commissioner) Summer time Mersinger, Chainalysis co-founder Jonathan Levin, and Paradigm basic companion Dan Robinson. Committee workers have indicated that the dialogue will give attention to whether or not sure tokens needs to be handled as “digital commodities”—a class that may place main oversight with the Commodity Futures Buying and selling Fee fairly than the Securities and Trade Fee.
Why July 9 Crucial For XRP?
Garlinghouse enters the listening to with the wind at his again. On June 27 he introduced that Ripple would withdraw its cross-appeal within the firm’s long-running enforcement combat with the SEC, including on X, “We’re closing this chapter as soon as and for all.” The SEC is broadly anticipated to drop its personal attraction of Decide Analisa Torres’s July 2023 ruling, which held that XRP traded on secondary exchanges doesn’t represent an unregistered safety—though the choose left a $125 million civil penalty in place for earlier institutional gross sales. The procedural détente has eliminated a direct litigation cloud however left the bigger statutory query—what’s XRP?—squarely in Congress’s fingers.
That query sits on the coronary heart of a number of payments now threading their means by way of Capitol Hill. The Home final 12 months handed the bipartisan FIT21 Act, whereas the Digital Asset Market CLARITY Act of 2025 would expressly outline tokens that obtain “purposeful decentralization” as commodities.
Within the Senate, Banking Chairman Tim Scott has set a self-imposed deadline to mark up a complete market-structure invoice by September 30. As he put it in a June 27 hearth chat, “I’ve been very clear that I imagine the President’s mandate of shifting the GENIUS Act instantly to his desk is in the very best curiosity of the American individuals, and ensuring that there’s a timeline for market construction to be accomplished by September thirtieth.” Wednesday’s testimony will feed instantly into that legislative drafting effort.
Business witnesses are anticipated to ship sharply contrasting views. In a preview on X, Mersinger wrote that “The US urgently wants clear, complete, and thoroughly designed guidelines for digital belongings,” signaling that she’s going to press lawmakers to codify CFTC jurisdiction over spot markets. Paradigm’s Robinson is predicted to warn in opposition to guidelines that “lock in” incumbent custodians—considerations he has raised in prior testimony.
Markets could have one eye on the coverage debate and the opposite on XRP’s worth tape. The token broke above $2.28 in a single day after information of Ripple’s pursuit of a US financial institution constitution, extending a two-week rally that choices desks say is crowded with $3 strike calls. A proper Senate sign that XRP is extra commodity than safety may strengthen the (already very robust) odds for a spot ETF.
For now, the one certainty is that Wednesday’s listening to will generate essentially the most authoritative public file but on how Congress plans to attract the road between securities and commodities in Web3—and whether or not XRP in the end stands on the identical aspect of that line as wheat, gold, and Bitcoin.
At press time, XRP traded at $2.28.
Featured picture created with DALL.E, chart from TradingView.com
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