US Congress Slams SECs Approach to Crypto Regulation – Will There be an Appeal?

Jul 20, 2023 4:36 AM

Crypto, Crypto Market, Crypto Regulations, Financial, XRP

Content Summary:

The content discusses the aftermath of Judge Analisa Torres’ ruling in favor of Ripple, stating that secondary sales of XRP do not constitute an investment contract. The market exploded in response, with XRP surging more than 70%. However, the US Securities and Exchange Commission (SEC) has not yet filed an appeal. Congressman French Hill and Congressman Dusty Johnson have expressed concerns about the SEC’s approach to cryptocurrency regulation in a letter to Gary Gensler. They argue that legislation would be more effective in protecting the public than enforcement actions. All eyes are now on the SEC’s decision regarding an appeal.

Key Points:

– XRP’s value soared by over 70% following the court ruling.
– Leading cryptocurrency exchanges re-listed XRP, resulting in a spike in open interest.
– The SEC has not yet filed an appeal against the ruling.
– Congressmen Hill and Johnson criticize the SEC’s approach to regulation, calling for a statutory framework instead.
– Chairman Gensler acknowledges the court’s opinion but emphasizes the SEC’s commitment to bringing non-compliant firms into compliance.

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Hot Take:

The aftermath of the court ruling has sparked significant market movement and raised questions about the SEC’s regulatory approach. While some members of Congress advocate for a statutory framework, the SEC’s focus remains on bringing non-compliant firms into compliance. The industry awaits the SEC’s decision regarding an appeal, which will have far-reaching implications for Ripple and the broader cryptocurrency industry.