US House Republicans Introduce Game-Changing Crypto Bill Amid XRP Lawsuit Ruling: Shaping the Future of Digital Assets and Finance
US House Republicans introduce the “Financial Innovation and Technology for the 21st Century Act,” addressing the XRP Lawsuit while establishing a regulatory framework for digital assets and promoting innovation.
US House Republicans Unveil the ‘Financial Innovation and Technology for the 21st Century Act,’ Shaping the Future of Digital Assets Amidst Ongoing XRP Lawsuit (PHOTO: CoinGape)
The “Financial Innovation and Technology for the 21st Century Act”
US House Republicans have introduced a significant crypto bill aimed at establishing a regulatory framework for digital assets, protecting consumers, fostering innovation, and positioning the United States as a global leader in finance and technology amidst the ongoing XRP Lawsuit. The bill, named the “Financial Innovation and Technology for the 21st Century Act,” has undergone key revisions following a crucial decision in the US SEC v. Ripple Labs XRP Lawsuit by Judge Torres.
Implications and Impact on the XRP Lawsuit
The XRP Lawsuit has been a focal point in shaping the bill sponsored by US House Representatives Glenn Thompson, French Hill, and Dusty Johnson, with support from other pro-crypto Congressmen like Patrick McHenry, Tom Emmer, and Warren Davidson. The legislation seeks to provide clarity on the digital asset ecosystem and oversight of the crypto industry by granting both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdiction over specific areas of the crypto space, taking into account the implications of the XRP Lawsuit.
The recent version of the bill, as reported by CoinGape and BeamStart, addresses concerns raised in the XRP Lawsuit and includes definitions of digital assets and decentralized under securities and commodity laws. Additionally, it allows exchanges and firms to file a notice of intent to register with the SEC or CFTC, ensuring compliance amidst the XRP Lawsuit. The legislation also requires the SEC and CFTC to conduct a joint study on tokenized securities and derivatives products, considering factors such as market fairness, public interest, and investor protection amid the backdrop of the XRP Lawsuit.
If the bill passes in the House, it will then be up to the Democrat-led Senate to make a decision, potentially influencing the outcome of the XRP Lawsuit. Some Democrats, like Maxine Waters, have expressed concerns about the bill, while the SEC under Gary Gensler previously asserted that new rules were unnecessary for defining crypto assets amidst the XRP Lawsuit. However, the XRP Lawsuit ruling demonstrated the need for new rules and definitions for digital assets, prompting lawmakers to act with urgency.
The crypto community has responded positively to the bill’s introduction, believing that it will have a bullish impact on the market, amid ongoing discussions about the XRP Lawsuit. Some individuals, like Pro-XRP attorney John Deaton, are reserving their opinions, closely monitoring how the bill addresses the XRP Lawsuit, while others like Paul Grewal, Coinbase’s Chief Legal Officer, urge Congress to pass the bill promptly to strengthen the US’s position in digital asset regulation, potentially impacting the outcome of the XRP Lawsuit.
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