Regulation
Ripple CEO pleads for clear crypto regulation ahead of 2024 election
CEO of Ripple Brad Garlinghouse called on US regulators to provide clear regulations on cryptocurrencies. He urged U.S. regulators to collaborate with other growing economies to help develop rules governing the country’s cryptocurrency sector.
Ripple CEO pushes for clear crypto regulations
Garlinghouse’s call is crucial as US lawmakers face pressure to update and clarify cryptocurrency regulations. House leaders overturned the current rules, with members voting against them. This political shift highlights the growing importance of cryptocurrencies in the American political landscape.
Support Garlinghouse, Stuart Alderoty, Ripple’s chief legal officer, said crypto has become a crucial issue in the 2024 elections. Alderoty added that Ripple will continue to support policies and decision-makers that move the United States forward. Furthermore, Ripple CLO emphasized that the United States must catch up with other major global centers that have committed to specific rules of conduct for the industry.
Presidential candidate Donald Trump expressed support for cryptocurrency. The ex-president, aiming for a return to power, promised to make the United States the leading cryptocurrency platform. His position added a new dimension to the ongoing debate over the future of digital assets in America.
Senator Cynthia Lummis reiterated the growing support for crypto assets in Congress following recent industry victories. The pro-crypto lawmaker wrote that a pro-industry coalition is forming in Congress. This statement highlights the growing acceptance and support for cryptocurrency among U.S. lawmakers.
Ripple also showed his support for the upcoming elections. A recent report revealed that the company contributed $25 million to Fairshake. This investment represents a commitment to the progress and adoption of crypto and blockchain technologies. It also sends a clear message to politicians with outdated views: their failed policies will not be tolerated.
Republican Crypto Bill Takes Election Spotlight
The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to clarify regulations relating to digital assets and protect consumers. The crypto bill, favored by Republicans, has become a major talking point amid this year’s upcoming elections. The bill aims to clarify the treatment of digital assets sold under an investment contract.
“A digital asset sold or transferred or intended to be sold or transferred under an investment contract is not and does not become a security by reason of its sale or transfer under that investment contract. investment,” the bill says. This provision aims to provide a clear framework for the classification and regulation of digital assets.
The House Agriculture Committee criticized the SEC chairman Gary Gensler and the SEC for their policy stance on cryptocurrency regulation. The Committee highlighted that the July 2023 XRP decision was a crucial development in creating a regulatory framework. The move sparked ongoing discussions about the role of the SEC and the need for clear guidelines in the cryptocurrency industry.
Read also: Breaking: Hashdex Nasdaq withdraws Spot Ethereum ETF
✓ Share:
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write a lot on topics like blockchain, cryptocurrency, tokens, etc. for numerous publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.