It has been just revealed the fact that there is a new crypto bill on its way. Check out more details about this below.
New crypto bill is on its way
According to Bloomberg, a Republican from Pennsylvania is planning to introduce new legislation related to cryptocurrency after the recent verdict in the Ripple lawsuit by the SEC.
Representative Glenn Thompson is optimistic about receiving support for his proposed crypto bill, following the court’s decision that Ripple did not breach securities law with the sale of XRP on the open market.
In contradiction to the SEC’s claims that most tokens offered to retail investors are unregistered securities, the US District Judge
Analisa Torres ruled that XRP tokens are only considered securities when sold directly to institutional investors through written agreements, and not when offered on exchanges.
According to Thompson, the recent court ruling provides clarity regarding the treatment of crypto assets. He is advocating for new legislation that will specify when these assets should be regulated as either securities or commodities.
More than that, the proposed legislation would grant the Commodity Futures Trading Commission (CFTC) the power 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.”
Bitcoin in the news
Mark Yusko, CEO and founder of Morgan Creek Digital, a crypto hedge fund, believes that Bitcoin (BTC) has the potential to reach six figures.
In a recent interview with Wolf of All Streets, Yusko compared Bitcoin to gold and suggested that if it is viewed as the digital version of gold, it could achieve the same market capitalization as the precious metal.
It is logical to assume that Bitcoin’s market cap should be comparable to that of gold, leading to the conclusion that Bitcoin can function as digital gold and serve as the foundation of money.
In order to learn more details about this, we suggest that you take a look at our previous article.
