The United States Securities and Exchange Commission (SEC) has signed an increase in focus on developing a clear framework of cryptocurrency regulation after ending one of the longest legal against the industry.
The Sec and ripple labs their nearly five -year dispute ended after being filed by both parties to overthrow their legal appeal and bring their costs and fees, according to a File Last Thursday with the second circuit appeals court.
The conclusion of the case is a “welcome development” that ensures that “minds that are once conquered with trial today can focus on creating a clear framework of crypto regulation,” said SEC Commissioner Hester Peirce on a Monday X Post.
“In this chapter closed, we have a chance to move our energy from court to the policy drafting table,” said SEC seat Paul Atkins in response to Peirce’s post. “Our focus should be in developing a clear framework of regulation that promotes change while protecting investors,” he added.
Related: XRP leads to $ 3 while the Ripple case is close to potential sec removal
The SEC accused Ripple in December 2020, allegedly the company raised $ 1.3 billion through an unregistered sale of XRP securities. In July 2023, Judge Analisa Torres ruled that XRP was not a security When sold to retail investors but a security sales in institutions. Ripple was punished by $ 125 million in August 2024.
The end of the case arrives as lawmakers are moving forward with the Digital Asset Market Clarity Act, Known as The Clarity Act. The bill aims to define the structure of digital asset markets.
Related: White House Crypto Rules bring about SEC-CFTC clarity for us Crypto companies: attorney
PUSH FOR THE CLARITY ACT
Republican lawmakers and the Senate Banking Committee Goal to pass the bill by September 30 in spite of the growing signs of Pushback from the Democratic Party lawmakers.
Earlier in July, leading members of the Democratic Party in the House of Representative was announced by a collective effort to oppose Republican’s efforts to pass the so -called “dangerous” law, Signed a deepening division in politics between the two sides of the hallway.
“(Republicans are) doubling by rapidly monitoring a dangerous crypto law package through Congress,” said House Financial Services Committee member Rank Maxine Waters, specifically criticizing The Clarity Act and the Anti-CBDC Surveillance State Actaimed at banning the launch of a digital digital US bank.
https://www.youtube.com/watch?v=ry9MI57PBJS
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