US Lawmaker Urges Congress To Ratify Crypto Law After SEC Verdict Verdict V Ripple

Ripple won a lawsuit against US regulators. (Photo; Doc. Coincholik)

JAKARTA - A number of US lawmakers have asked Congress to pass a law regulating the crypto industry following a court ruling on the case of the United States Securities and Exchange Commission (SEC) v. Ripple regarding XRP. The lawmaker highlighted the need for legislative clarity in the crypto ecosystem and acknowledged the importance of court decisions in upholding legal aspects in the industry.

Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), and chairman of the House of Representatives Agricultural Committee, Glenn "GT" Thompson (R-PA), have issued a joint statement highlighting the importance of SEC v. Ripple's decision and the need for clear legislative action in regulating digital assets.

These lawmakers urged Congress to pass a bill they introduced, which focuses on market structure legislation, in order to provide equal protection for all investors, customers, and market players, as already in traditional financial markets.

The court's decision also shows that the Securities and Exchange Commission (SEC) has limitations in setting digital assets. This ruling acknowledges that digital assets may not inherently constitute securities, but can be offered as part of an investment contract under certain conditions, as recognized by applicable laws.

In addition, lawmakers have criticized SEC chairman Gary Gensler for his approach to regulating the crypto industry through law enforcement, which is considered detrimental to investors and creating uncertainty. Several bills have also been submitted in Congress to remove Gensler from his position as chairman of the securities regulator.

Senator Cynthia Lummis (R-WY) also urged Congress to accelerate the ratification of the Lummisbrand Responsible Financial Innovation Act. Responding to the decision, Senator Lummis stressed the need for Congress to provide a clear regulatory structure for the crypto asset industry to protect consumers.

The lawmakers and senators who play a role in advocating crypto regulations hope to advance the legislation they introduce from their respective committees this month.

They argue that with strong legislative clarity, the crypto industry will be able to develop well and provide equal protection for all parties involved.

SEC court decision v. Ripple has become an important concern for lawmakers and senators struggling to provide a clear regulatory framework in the crypto industry. By passing appropriate laws, Congress will play a key role in creating legal certainty and encouraging sustainable growth in the digital asset ecosystem.