Why It Matters
Ripple Labs Inc. disclosed lobbying on the Digital Asset Market Clarity Act of 2025 (CLARITY Act), legislation that would establish a federal regulatory framework for digital commodities and blockchain-based assets. The House passed the bill 294-134 in July 2025, but the Senate rejected a procedural motion to advance it in September.
The Conaway Graves Group LLC, which lobbied for Ripple during the first and second quarters, also filed a third-quarter report, according to federal lobbying records. Its $50,000 filing adds to Ripple's disclosed outside lobbying expenditures as Congress considers how to divide oversight of digital assets between federal regulators.
By the Numbers
Ripple's third-quarter lobbying expenditures totaled $980,000 across its in-house operation and four outside firms, including Conaway Graves Group LLC. The original four-registrant total of $930,000 excluded a later-identified filing by Conaway Graves.
Third-quarter filings by registrant:
- Ripple Labs Inc. (in-house): $520,000; lobbyists Sam Dreiman and Lauren Belive
- Michael Best Strategies LLC: $150,000; lobbyists Brittan Specht, Alex Angelson, Jason Yaworske and Preston Hill
- Ballard Partners LLC: $150,000; no individual lobbyists listed in the retrieved report
- FGS Global (US) LLC: $110,000; lobbyists Mike Iger, Megan Moore, Peter Benton-Sullivan and Kevin Bailey
- Conaway Graves Group LLC: $50,000, according to its third-quarter federal lobbying disclosure
Michael Best Strategies reported $150,000 per quarter for Ripple across five consecutive quarters, with the same four lobbyists listed in the supplied records. Brittan Specht previously held staff positions in multiple Republican House offices; Jason Yaworske served on the staff of former Rep. Steve King (R-IA) and later as a clerk for the Senate Appropriations Committee; and Preston Hill served as a staff assistant in former Rep. Kevin McCarthy's (R-CA) office.
Broader Context
H.R. 3633 was introduced May 29, 2025, by Rep. French Hill (R-AR) and passed the House 294-134 on July 17, 2025, with 78 Democrats voting in favor. The legislation subsequently advanced to the Senate, where a Sept. 15 procedural vote to end debate on the motion to proceed failed 49-50. Sen. Thom Tillis (R-NC) entered a motion to reconsider that vote.
The bill would give the Commodity Futures Trading Commission (CFTC) primary regulatory authority over certain digital commodity transactions and trading platforms while preserving Securities and Exchange Commission (SEC) jurisdiction over specified securities activities. It would also impose Bank Secrecy Act anti-money-laundering obligations on covered digital commodity platforms. Congressional Research Service (CRS) analysis has examined how the proposed framework would shift regulatory authority between the agencies.
Supporters identified by the House Financial Services Committee include Ripple, Coinbase, Kraken, Andreessen Horowitz, the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber and Gemini. Crypto Council for Innovation CEO Ji Hun Kim has argued that regulatory uncertainty restricts consumer access and encourages developers to move to jurisdictions such as the European Union, Singapore and Japan, which have established digital-asset regulatory frameworks.
In July 2025, a coalition of 82 investor, consumer, and advocacy organizations, including Americans for Financial Reform, Consumer Federation of America, Consumer Reports, and Public Citizen, opposed the bill. The coalition argued that shifting oversight toward the CFTC would weaken investor protections and that provisions affecting decentralized finance and self-hosted wallets could create regulatory and anti-money-laundering gaps.
The SEC separately proposed "Regulation Crypto Assets" in August. The proposal would create tailored registration exemptions and disclosure requirements for certain crypto-asset offerings, including an exemption for offerings of up to $75 million during a 12-month period. It remains a proposed rule, not enacted legislation.
Competitive Landscape
The supplied records identified more than 40 organizations associated with H.R. 3633, including the Digital Chamber, Crypto Council for Innovation, Coinbase Inc., the Blockchain Association, and Kraken. Their participation reflects competing interests in how regulators treat digital commodities, investor protections, and the division of authority between the SEC and CFTC.
The Bottom Line
Ripple's lobbying disclosures show continued spending on federal digital-asset policy, including $150,000 in third-quarter fees to Michael Best Strategies and $50,000 to Conaway Graves Group LLC. The House passed the CLARITY Act with bipartisan support, but the Senate failed to advance it in a September procedural vote. The legislation remains unresolved as the SEC separately pursues changes to its crypto-asset regulatory framework.
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