The American Commission for Securities and Exchange (SEC) indicates an increasing accent on the development of a clear regulatory framework of cryptocurrency after having ended one of the oldest legal battles in industry.
The Sec and Ripple Labs ended their dispute of almost five years after the two parties filed their legal appeal and bear their costs and costs, according to a file last Thursday with the court of appeal of the second circuit.
The conclusion of the case is a “welcome development” which guarantees that “the spirits formerly occupied by disputes can now focus on the creation of a clear regulatory framework for the crypto,” said SEC commissioner, Hester Peirce in a post on Monday.
“With this closed chapter, we now have the opportunity to move our energy from the audience room to the policy writing table,” said the president of the SEC, Paul Atkins, in response to the position of Peirce. “Our goal should be to create a clear regulatory framework that promotes innovation while protecting investors,” he added.
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The SEC continued Ripple in December 2020, alleging that the company had lifted $ 1.3 billion thanks to sales of unregistered securities. In July 2023, judge Analisa Torres ruled that XRP was not a guarantee when it was sold to retail investors but was a guarantee of sales to institutions. Ripple was sentenced to a fine of $ 125 million in August 2024.
The end of the case comes as the legislators advance the law on the clarity of the digital asset market, known as Clarity Act. The bill aims to define the structure of digital asset markets.
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Push for the Clarity Act
Republican legislators and the committee of senior banks aim to adopt the bill by September 30 despite growing signs of decline in the legislators of the Democratic Party.
Earlier in July, the main members of the Democratic Party in the House of Representatives announced a collective effort to oppose republican efforts to adopt so -called “dangerous” legislation, signaling to deepen the political division between the two sides of the aisle.
“(The Republicans) double by accelerating a dangerous package of cryptographic legislation by the Congress,” said Maxine Waters, a member of the Chamber’s Financial Services Committee, specifically criticizing the Clarity Act and the Central Anti-CBDC Central State Act, which seeks to prohibit the launch of a digital bank of the American Central Bank.
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