Republican lawmakers are preparing a new crypto bill in wake of Ripple decision

Republican Congressman Glenn Thompson (R-PA) is gearing up to present his crypto measure successful the House of Commons this week and believes the caller Ripple ruling volition assistance drum up Democrat enactment for the legislation, Bloomberg News reported connected July 18.

Last week, the tribunal ruled that programmatic income of Ripple’s XRP to the wide nationalist bash not suffice arsenic securities income oregon arsenic an concern declaration nether the Howey test, perchance impacting the legislation’s attack to akin cryptocurrencies

Thompson said the ruling shows determination is “confusion” successful the manufacture astir however securities laws use to cryptocurrencies, and lawmakers request to measurement successful and supply the needed clarity.

He said:

“It’s up to Congress to measurement successful and supply some certainty and clarity.”

Thompson added that helium is “hopeful” that the ruling volition assistance transportation lawmakers from some camps to travel unneurotic and make a coagulated solution for the industry’s woes.

Digital Asset Market Structure

The Digital Asset Market Structure measure is led by Thompson and Congressman Patrick McHenry, on with enactment from Congressmen French Hill and Dusty Johnson.

It was archetypal introduced successful the House of Commons connected June 2 for a preliminary reappraisal and was subsequently scheduled to spell done a voting signifier successful July.

The measure proposes a caller regulatory model that volition categorize cryptocurrencies arsenic either a information oregon a commodity, aiming to supply greater clarity and certainty for the industry. It besides intends to artifact the exertion of speech rules connected non-exchange services specified arsenic wallets and node operators.

Under the bill, each cryptocurrencies would beryllium considered either a commodity, which volition beryllium supervised by the CFTC; oregon a security, which volition beryllium regulated by the SEC.

Democratic lawmakers person expressed skepticism, with immoderate questioning the necessity of the bill, frankincense presenting a imaginable roadblock to its passage.

For example, Congresswoman Maxine Waters precocious asked the Treasury and the SEC to supply feedback connected the measure and whether existent securities laws were capable for the industry.

Waters besides asked them whether modifying existent laws was a amended enactment than introducing caller legislation.

The Treasury and the SEC did not marque a nationalist effect to the missive arsenic of property time.

The station Republican lawmakers are preparing a caller crypto measure successful aftermath of Ripple decision appeared archetypal connected CryptoSlate.