The United States government is moving quickly to pass a new law that could change the prices of digital assets forever. Reports showed that officials want the CLARITY Act signed into law by July 4, 2026. This date is the 250th birthday of the country, and the White House wants to use the celebration to show that America is leading the way in crypto.
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If the bill passes, it would officially name XRP (XRP-USD) as a commodity, which many believe would clear the path for the price to reach as high as $10.
Patrick Witt Targets a Holiday Deadline
A top adviser for the White House named Patrick Witt is pushing to finish the bill this summer. He recently explained that if the U.S. does not set the rules for digital money now, other countries like China will do it first. The plan requires the Senate to vote on the bill in June so it can reach the president’s desk by Independence Day. Witt noted that the timing is very tight, stating: “There’s not a lot of slack left in the rope right now.”
Lawmakers Demand Stricter Ethics Rules
While the White House is moving fast, some lawmakers are asking for more changes before they agree to the law. Senator Kirsten Gillibrand wants to include a rule that stops the president and other top leaders from owning any crypto. She believes the final vote might not happen until August or September.
At the same time, five major banking groups are trying to slow the bill down because they are worried it might hurt traditional banks. These disagreements mean the bill still needs a lot of support to get the 60 votes it needs in the Senate.
Wealthy Whales Purchase Massive Numbers of Coins
Even though the law is still being debated, the biggest investors in the world are already placing their bets. Data from trading platforms reveals that whales, which are people who hold huge amounts of crypto, are behind more than 90% of the money being moved into private storage.
Large banks like Goldman Sachs (GS) are also getting involved, holding over $150 million in XRP funds. If the law is signed in July, experts think billions of dollars could flow into the XRP market, potentially pushing the value of the coin from its current price of $1.39 up to the $5 or $10 range.
At the time of writing, XRP’s price is sitting at around $1.39.
