David Schwartz, a well-known cryptography expert and former Ripple CTO, cleverly summarized the current political debate around crypto regulation in the U.S. He jokingly suggested calling the Digital Asset Market Clarity Act the “DAM Clarity Act” because it sounds like “the damn Clarity Act” in a post on X.
Schwartz’s simple plea – “Pass the DAM Clarity Act already” – quickly resonated with many in the industry, perfectly expressing their increasing annoyance with the ongoing disagreements in Washington.
Why Schwartz’s three-word joke is rattling the U.S. crypto standoff
As an analyst, I’m watching this bill closely as it moves through the Senate. The clock is ticking – lawmakers are about to leave for their August break, and industry groups are really pushing hard to see it passed before they do.
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Just before Schwartz’s statement, Ripple CEO Brad Garlinghouse encouraged lawmakers to approve the current version of the legislation, arguing that the industry needs it passed without further delay.
Or, as I call it, the DAM Clarity Act. Pass the DAM Clarity Act.
— David ‘JoelKatz’ Schwartz (@JoelKatz) July 24, 2026
This bill aims to significantly change how the cryptocurrency market is regulated. Currently, the Securities and Exchange Commission (SEC) has strong oversight, but the proposed legislation would move that authority to the Commodity Futures Trading Commission (CFTC), which is generally seen as more supportive of the crypto industry.
This legislation would finally settle the debate about whether leading cryptocurrencies like XRP should be considered commodities, officially classifying them as such. It would also establish clear rules to safeguard regular investors from unfair practices and market manipulation.
Even though the Treasury Department says the bill is almost finished, disagreements are still happening in the Senate. Certain lawmakers want to strengthen rules to prevent money laundering and increase oversight of stablecoins.
With the legislative break approaching quickly, lawmakers are running out of time to find common ground. Negotiations in the Senate have stalled, and a pessimistic assessment of the bill’s chances is starting to seem increasingly likely.
2026-07-24 13:28