The regulatory landscape for cryptocurrencies has been a topic of concern for investors and industry players alike. Last year, several prominent companies in the crypto space faced collapses that affected millions of investors. In light of this, there has been a growing hope for the introduction of a crypto-friendly regulatory bill.
Is the Crypto Bill Making Progress?
Ripple, a major player in the crypto industry, is capitalizing on its recent legal victory to push for a favorable crypto bill. CEO Brad Garlinghouse and a delegation of senior executives are currently in Washington D.C. to engage with Congress on this high-stakes issue.
In July 2023, Ripple received a Summary Judgment ruling that allowed its business operations in the United States. The ruling clarified that Ripple did not violate securities laws with its distribution of XRP tokens. While the SEC intends to appeal this decision, there is also the possibility of a jury trial in 2024. This ruling has reopened doors for Ripple in the US market.
Key Figures Discussing the Crypto Bill
Brad Garlinghouse, along with other key figures from Ripple, is leading discussions with Congress. Garlinghouse emphasizes the importance of direct communication with elected officials to achieve regulatory clarity. However, some Democrats have rejected the initial bill proposing new regulations for crypto assets, citing concerns about potential financial risks and fraud.
Notably, Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act gained support from nine senators, raising questions about its impact on Bitcoin and institutional involvement in the crypto market.
Ripple’s Efforts to Reestablish Itself
Ripple’s visit to Washington D.C. signifies a significant shift in their approach to the US market following their legal victory. Previously constrained by the SEC lawsuit, Ripple’s interactions with US-based clients and partners were limited. The company is now eager to regain its position in the market with new policies and a renewed vision.
Among the bills under discussion are the revised Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act of 2023. The latter bill is still seeking support from Congress members.
Hot Take: Ripple Leading the Way in Crypto Regulation
Ripple, known for its involvement in regulatory cases, is taking charge of discussions on crypto regulation in order to pave the way for new adoption in the industry. With their recent legal win, Ripple’s confidence is soaring as they strive to shape the future of crypto regulation.
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