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• Republican Congressman Glenn Thompson is preparing a new crypto bill in the wake of the Ripple court ruling.
• The ruling showed that programmatic sales of XRP to the general public do not qualify as securities sales or an investment contract under the Howey test.
• This has lead to confusion about how securities laws apply to cryptocurrencies, and Thompson believes that this could help drum up Democrat support for his legislation.
Republican Lawmaker Introduces Crypto Bill After Ripple Ruling
Republican Congressman Glenn Thompson (R-PA) is introducing a new crypto bill in the House of Commons this week following a landmark ruling on Ripple’s XRP token. Last week, the court ruled that programmatic sales of Ripple’s XRP to the general public do not qualify as securities sales or as an investment contract under the Howey test, potentially impacting the legislation’s approach to similar cryptocurrencies.
Confusion Over Securities Laws
Thompson said the ruling shows there is “confusion” in the industry about how securities laws apply to cryptocurrencies, and believes that this could help drum up Democrat support for his legislation. He remarked:
„The recent decision by a federal judge regarding Ripple Labs Inc., provides yet another example of why we must move quickly toward clarity and certainty in our regulatory environment.“
He added that „the lack of clear guidelines has hindered innovation and prevented investors from understanding their rights.“
Details Of The Bill
At this time, details on what exactly will be included in Thompson’s crypto bill are limited. However, it is expected to address issues such as taxation, regulation and investor protection related to cryptocurrency investments. It will also likely focus on providing clarity regarding which tokens are considered securities and which ones are not.
Cryptocurrency Market Response
The potential passing of such a bill would have far-reaching implications for both investors and companies operating within the cryptocurrency space. In response to news of Thompson’s proposal, many major crypto assets saw gains over the past few days, with Bitcoin (BTC), Ethereum (ETH) and XRP all seeing double-digit percentage increases since last week.
With more clarity being sought after around cryptocurrency regulations in light of recent events surrounding XRP, we may soon see some significant changes coming down from government agencies dealing with digital assets — particularly if Congressman Glenn Thompson’s proposed bill passes through Congress soon.