Pennsylvania Lawmaker Says New Crypto Bill Is Coming After Positive Ripple Lawsuit Outcome – The Daily Hodl

A Pennsylvania Republican is reportedly planning to propose new crypto legislation after last week’s verdict in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple.

Bloomberg reports that Representative Glenn Thompson is optimistic about getting support for the crypto bill he is championing following the court’s decision that Ripple did not violate securities law with the open market sale of XRP.

In a ruling that counters the SEC’s argument that most tokens offered to retail investors are unregistered securities, U.S. District Judge Analisa Torres says XRP tokens are sold as securities only when made directly to institutional investors pursuant to written contracts, but not when offered on exchanges.

Thompson says the court’s decision gives clarity on how crypto assets should be treated. He is pushing for the new legislation that seeks to clarify when crypto assets should be regulated as securities or commodities and give the Commodity Futures Trading Commission (CFTC) the authority to oversee certain tokens.

“The Ripple decision has highlighted what we’ve been saying all along — there’s confusion about how digital assets are treated under the securities laws, and it’s up to Congress to step in and provide both certainty and clarity.”

Thompson, who also chairs the House Agriculture Committee, plans to formally introduce the bill with North Carolina representative and House Financial Services Committee Chairman Patrick McHenry this week.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generate Image: Midjourney

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://dailyhodl.com/2023/07/20/pennsylvania-lawmaker-says-new-crypto-bill-is-coming-after-positive-ripple-lawsuit-outcome/