Regulation
Ripple CEO Advocates Clear Regulation of Cryptocurrencies Ahead of 2024 Elections
CEO of Ripple Brad Garlinghouse called on US regulators to provide clear regulations on cryptocurrency. He urged U.S. regulators to work with other growing economies to help develop rules to govern the country’s cryptocurrency sector.
Ripple CEO pushes for clear crypto regulation
Garlinghouse’s call is crucial as US lawmakers face pressure to update and clarify cryptocurrency regulations. Leaders of the House of Representatives overturned the current rules, with members voting against them. This political shift highlights the growing importance of cryptocurrency in the US political landscape.
Supporting Garlinghouse, Stuart Alderoty, Ripple’s Chief Legal Officer, said that cryptocurrencies have become a crucial issue in the 2024 elections. Alderoty added that Ripple will continue to support policies and policymakers that move the United States forward. Furthermore, Ripple CLO stressed that the United States needs to catch up with other major global centers that have committed to establishing precise rules for the sector.
Presidential candidate Donald Trump expressed support for the cryptocurrency. The former president, aiming to return to office, promised to make the United States the leading cryptocurrency hub. His position has added a new dimension to the ongoing debate about the future of digital assets in America.
Senator Cinzia Lummis reiterated growing support for crypto assets in Congress following recent industry victories. The pro-cryptocurrency lawmaker wrote that a pro-industry coalition is forming in Congress. This statement highlights the growing acceptance and support of cryptocurrency among US lawmakers.
Ripple he also showed his support in the upcoming elections. A recent report revealed that the company contributed $25 million to Fairshake. This investment represents a commitment to the advancement 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 It also sends a clear message to politicians with outdated views: their failed policies will not be tolerated.
The Republican cryptocurrency bill is in the election spotlight
The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to provide regulatory clarity for digital assets and protect consumers. The cryptocurrency bill, favored by Republicans, has become a significant topic of discussion during this year’s upcoming elections. The bill seeks 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 the sale or otherwise transferred under such investment contract,” the bill reads . This provision is designed to offer 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 XRP Decision of July 2023 represented a key development in the creation of a regulatory framework. This decision sparked ongoing discussions about the role of the SEC and the need for clear guidelines in the cryptocurrency industry.
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Maxwell is a cryptoeconomic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens and more for many publications. My goal is to spread awareness of 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 personal financial loss.