Crypto Bills in Focus : Ripple CEO's Crucial Meeting with US Congress – Coinpedia Fintech News
The regulatory crosshair began last year when Celsius Network, Voyager Digital, FTX, and other big companies collapsed, hitting millions of investors in a flash. Since then investors, critics, and traders have been in the hope of bringing a crypto-friendly regulatory bill.
Is the Crypto Bill Progressing? Ripple CEO Rooting for It!
Ripple is boosting high after its partial win and CEO Brad Garlinghouse found it the best time to lead a delegation of senior executives in Washington D.C. for the high-stakes crypto bill with Congress.
In a watershed moment on July 13, 2023, U.S. District Judge Analisa Torres delivered a Summary Judgment ruling, effectively greenlighting Ripple’s business operations within the United States. The judgment clarified that the company did not breach U.S. securities law with its distribution of XRP tokens through cryptocurrency exchanges. While the SEC seeks approval to appeal this decision, the possibility of a jury trial looms on the horizon, potentially commencing in the second quarter of 2024. It reopened the doors for Ripple in the US market.
Key Dignitaries To Discuss the Crypto Bill
CEO Brad Garlinghouse, alongside key figures such as Chief Legal Officer Stuart Alderoty and Vice President Rob Grant, is spearheading the discussions with Congress. Garlinghouse has laid stress on the direct communication with the elected members, stating, “Can’t get regulatory clarity without actually engaging with the elected officials who are proposing bills!”
However, the initial bill to redefine how crypto assets are regulated in the financial sector met with severe rejections from some Democrats on the committee. They believe the bill is too favorable to the crypto industry and could lead to financial risks and fraud. But we have seen the change of heart in the recent Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act which gained support from 9 senators, raising questions about potential impacts on Bitcoin and institutional involvement in the crypto market.
Ripple’s Attempt to Get Back in Action
Overall, this visit to Washington D.C. signals a noteworthy shift in Ripple’s approach to the U.S. market. Ripple in its new appearance is fearless, previously constrained by the SEC lawsuit, Ripple’s interactions with U.S.-based clients and partners had been limited. The win has boosted the company’s morale and they are very much keen to get hold of the market again with a new vision and new policies.
Among the key bills under discussion are the revised Financial Innovation and Technology for the 21st Century Act, as well as the ‘Clarity for Payment Stablecoins Act of 2023’. The latter bill is still in the process of garnering support from U.S. Congress members.
Ripple the torch bearer in all the crypto regulatory cases will lead this discussion to open the gate for new adoption on the horizon.
Source: Read Full Article