Senator Lummis urges clear crypto regulations after XRP ruling

cyptouser1 years agoCryptocurrencies News361

United States Senator Cynthia Lummis has taken to Twitter to emphasize the significance of a recent court ruling by Judge Analisa Torres, which declared that Ripple’s XRP  token should not be considered a security when sold on digital asset exchanges. Lummis highlighted that the ruling underscores the urgent need for Congress to establish a comprehensive and unambiguous regulatory framework for cryptocurrencies.


In her statement, Lummis stressed the importance of the court ruling and its impact on cryptocurrency regulation. She stated that the verdict reinforces the immediate requirement for Congress to provide a thorough crypto framework that prioritizes the safeguarding of consumers.

The Wyoming senator, who is a longstanding advocate of Bitcoin  highlighted the importance of a transparent cryptocurrency framework that would protect investors and foster innovation within the cryptocurrency industry.

Senator Lummis urges clear crypto regulations after XRP ruling

Additionally, Lummis highlighted the significance of maintaining the Howey test — the legal standard used to assess whether an investment qualifies as a security. She specifically referenced the Responsible Financial Innovation Act, known as the Lummis-Gillibrand bill, a legislative initiative co-introduced by herself and Senator Kirsten Gillibrand.

The purpose of the bill is to provide clarity and establish regulatory guidelines for digital assets, aligning them with the interpretation of the Howey test.

Lummis’s plea for congressional action holds significant merit, particularly considering the extensive implications of the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission. The outcome of this case could establish a precedent that shapes the regulatory landscape for digital assets within the United States.

The absence of well-defined guidelines leaves entrepreneurs and investors in a state of uncertainty, impeding innovation and economic expansion.

With the ruling partially in favor of Ripple, it remains uncertain how Congress will address Lummis’s appeal for regulatory clarity in the cryptocurrency market. Nonetheless, her endeavors indicate a growing acknowledgment among legislators that the crypto industry necessitates a progressive regulatory strategy to unleash its complete potential.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

SEC says part of the Ripple ruling was ‘wrongly decided,’ hints at filing appeal

The U.S. Securities and Exchange Commission (SEC) said that a portion of the Ripple ruling ...

Ripple ruling is likely to be appealed and overturned, ex-SEC official says

The Ripple case ruling is “ripe for appeal” and likely to be overturned, John Reed Stark,...

Ripple CLO says XRP ruling bodes well for Coinbase, Binance SEC cases

Ripple CLO Stuart Alderoty said on July 25 that a ruling concerning the securities status...

New Google cloud sync feature implicated in $15M crypto heist at Ripple-owned Fortress Trust

Software development company Retool has blamed the hack of crypto custodian Fortress Trust on a rece...