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XRP News Today: Ripple faces court ruling amid US election cryptocurrency debate
Significantly, Brad Garlinghouse has pledged $25 million per year until the anti-cryptocurrency rhetoric on Capitol Hill ends.
Other cryptocurrency-related companies contributing to Fairshake include Coinbase (CURRENCY), Kraken and Andreessen Horowitz.
Contributions to Fairshake highlight the importance of the US presidential election for the cryptocurrency market. Senator Cynthia Lummis summed up the changing attitude towards cryptocurrencies on Capitol Hill: stating,
“When I got to the US Senate, no one knew anything about cryptocurrencies. No one knew the difference between Bitcoin and other crypto assets. We’ve worked hard to educate Washington and now we’re seeing the fruits of that work.”
The Financial Innovation Act responsible for Lummis and Gillibrand
In 2022, Senators Cynthia Lummis and Kirsten Gillibrand introduced the Responsible Financial Innovation Act. The legislation aims to give the Commodity Futures Trading Commission greater authority to regulate cryptocurrencies, promoting innovation and protecting consumers.
A Republican Party victory in November could support the Responsible Financial Innovation Act and end the SEC’s reign of regulation through enforcement.
The Democratic Party’s anti-crypto stance, led by Senator Elizabeth Warren, envisions several space plans for US digital assets.
Senator Elizabeth Warren is behind it all Law against digital asset laundering. Senators Elizabeth Warren and Roger Marshall drafted the bill with the help of the American Bankers Association. The bill would to impose banking-related regulations on the cryptocurrency market, including anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks.
In May, Republican leader Donald Trump put cryptocurrencies on the U.S. political map. His support for cryptocurrencies could give Republicans the upper hand, with more than 52 million Americans owning cryptocurrencies. A Republican Party victory could give a boost to the cryptocurrency market.
While American politics took center stage, the updates continued SEC case against Ripple it also deserved the attention of investors.
SEC vs. Ripple: Ripple Submits Response Letter Supporting Motion to Seal
On Wednesday, defense attorney James Filan shared the latest updates from the SEC case against Ripple, said,
“Ripple has submitted a response letter further supporting its Motion to Seal filings in connection with the SEC’s Motion for Judgment and Remedies.”
In its response brief, Ripple strengthened its arguments regarding the need to seal confidential and non-public information, including its financial statements.
After a court ruling on Motion to sealthe courts will decide the penalty for violating US securities laws.