Pundit to XRP Holders: The CLARITY Act Will Make a Lot of People Rich

A piece of legislation moving through the U.S. Senate has crypto investors paying close attention. Crypto pundit John Squire (@TheCryptoSquire) made a direct claim to his followers, stating that the CLARITY Act will make a lot of people rich.

The post attracted a wave of responses from the crypto community, with opinions split on whether the bill is a catalyst for wealth or a threat to decentralization.

What Is the CLARITY Act?

The Digital Asset Market Clarity Act aims to define how digital assets are regulated in the U.S., including which tokens fall under the SEC and which markets fall under the CFTC. The latest version expanded from the January draft, adding new language on stablecoin rewards, insider trading, bankruptcy protections, and implementation timing.

The Senate Banking Committee advanced the CLARITY Act in a 15-9 bipartisan vote on May 14 after months of stalled progress. The vote was not without friction. Democrats offered amendments to address law enforcement concerns and an ethics provision. Elizabeth Warren proposed amendments that would harm XRP and other assets. However, most were voted down or ruled out of order.

The bill must now pass the full Senate, align with the House version, and receive the president’s signature. Markets reacted positively after the committee vote, with XRP reaching $1.54 for the first time since March. This bullish response and the bill’s positive impact on the crypto space prompted Squire and many others to believe the CLARITY Act will make many XRP investors rich.

What the Community Is Saying

Reactions to Squire’s post were mixed. Kenny Nguyen, another well-respected pundit, agreed with the claim outright, calling it fact. Another commenter pushed back, arguing that the bill’s real beneficiaries will be lawyers and compliance consultants, not builders.

One commenter questioned whether Squire and others were ignoring the bill’s potential downsides. He specifically highlighted the risk that crypto moves from a decentralized model to one controlled by banks.

Another echoed that concern, saying the entire premise of digital currency is decentralization, and that centralized bank control defeats its purpose.

Coinbase CEO Brian Armstrong initially pushed against certain parts of the bill, but he was heavily criticized. The rest of the industry has now come to a consensus. The CLARITY Act has momentum. Whether it delivers the wealth Squire predicts depends on what parts of the bill survive the full Senate.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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