US House Revises Crypto Bill After XRP Ruling; Changes And Market Reactions – Crypto News – Crypto News
Connect with us
CFTC & SEC Proposes New Category For Digital Assets In Form PF CFTC & SEC Proposes New Category For Digital Assets In Form PF

Business

US House Revises Crypto Bill After XRP Ruling; Changes And Market Reactions – Crypto News

Published

3 years ago

on

US House Republicans introduced a landmark crypto bills to establish a regulatory framework for digital assets, protect consumers, foster innovation, and position the United States as a global leader in finance and technology. The crypto bill made key revisions to the June draft digital asset market structure and stablecoins bills after Judge Torres’ critical decision in the US SEC v. Ripple Labs lawsuit.

TheFinancial Innovation and Technology for the 21st Century Actis introduced by US House of Representatives Republicans Glenn Thompson, French Hill, and Dusty Johnson. Others such as pro-crypto Congressmen Patrick McHenry, Tom Emmer, and Warren Davidson are also named as key contributors. The bill introduced today is the latest version that’s signed, has a bill number, and will be marked up next week.

It will provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill offers both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdiction over the crypto industry in separate areas.

Patrick McHenrychairman of the House Financial Services Committee, said:

“This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our financial system, but their underlying blockchain technology holds promise as the building blocks for the next generation of the internet.”

Changes After the Judge Torres’ Ruling in the XRP Lawsuit

The latest version of the bill makes several key changes following the XRP ruling. It includes definitions of digital assets and decentralized under securities law and commodity laws, as well as allowing exchanges and firms to file a notice of intent to register with the SEC or CFTC.

The legislation would also mandate the SEC and CFTC to conduct a joint study to “assess whether additional guidance or rules are necessary to facilitate the development of tokenized securities and derivatives products.” The regulators would consider rules that impact the fairness of the markets, public interest, and investor protection.

See an overview of major changes to the crypto bill here and other changes in the crypto bill document.

If the bill is passed in the House, it would be up to the Democrat-led Senate to decide on the bill. Some Democrats such as Maxine Waters have expressed concerns about the bill. Also, the SEC under Gary Gensler repeatedly said new rules aren’t needed to define crypto assets. However, the Ripple vs SEC ruling shows that digital assets require new rules and definitions.

Crypto Community Reactions

The crypto community reacted positively to the introduction of the crypto bill. The community believes the announcement is bullish for the market.

“If we want to be taken seriously as a nation, we have to act seriously as a nation. This legislation would finally put the US into the global conversation on digital asset regulation. Congress should enact this without delay. said Coinbase CLO Paul Grewal,

Pro-XRP attorney John Deaton arguments he will reserve his opinion for later as some are still trying to attack the crypto.

Dan Gambardello stated Cardano and DeFi are stealing the spotlight after the announcement. The crypto bills is critical to providing regulatory clarity and certainty for digital assetss in the US.

Also Read:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending