The Ripple vs SEC Case
– The SEC-Ripple case has ended with a “partial victory” for Ripple.
– XRP sales are divided into three categories: institutional sales, programmatic sales, and other distributions.
– Ripple won regarding programmatic sales and other distributions, but the SEC prevailed in the case of institutional sales.
The Lawmakers Respond
– Lawmakers Patrick McHenry and Glenn “GT” Thompson called for regulatory clarity from Congress.
– They criticized the SEC’s regulatory approach and emphasized the need for clear rules in the digital asset ecosystem.
– They highlighted the flaws in the SEC’s one-size-fits-all approach, which creates uncertainty and harms investors.
The Lummis-Gillibrand Crypto Bill
– Senator Cynthia Lummis supported the Lummis-Gillibrand Responsible Financial Innovation Act.
– The bill aims to transfer authority over crypto regulation from the SEC to the CFTC.
– Lummis emphasized the importance of regulatory clarity and urged the passage of the bill.
Hot Take
The SEC’s victory over Ripple has sparked calls for regulatory clarity from US lawmakers. They argue that the SEC’s enforcement approach harms investors and creates uncertainty. Lawmakers are pushing for clear rules in the digital asset ecosystem and criticize the SEC’s one-size-fits-all approach. Senator Cynthia Lummis supports a bill that would transfer crypto regulation authority to the CFTC. Overall, there is a growing consensus among lawmakers that clear regulations are needed to protect investors and foster innovation in the crypto industry.
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