After Judge Analisa Torres’ landmark ruling in the Ripple vs SEC lawsuit to declare that XRP is not a security, the crypto community to have another big day as the US House Financial Services Committee votes on several bills to regulate digital assets. It will mark another victory for the crypto industry that has pushed lawmakers to provide regulatory clarity.
US House To Markup Crypto Bills
The US House Financial Services Committee to markup H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act”, H.R. 1747, the “Blockchain Regulatory Certainty Act” and H.R. 2969, the “Financial Technology Protection Act of 2023.”
The bills define when a crypto is a security or a commodity, establish a regime for stablecoins regulation, and clarity over US SEC and CFTC jurisdiction and oversight. It will follow a full vote by the House of Representatives and forward to the Democrats-led Senate for approval of a regulatory framework for crypto in the US.
This will be another milestone for the crypto industry after Ripple’s partial win against the US SEC. Kristin Smith, CEO of the Blockchain Association, said:
“Obviously we’ve had some important decisions come from the courts in the past, but this is by far the most significant legislative moment that we’ve had.”
Pro-XRP lawyer John Deaton asserts Republicans and Democrats must recognize crypto regulations to actually protect customers, users, and holders of digital assets. The SEC and CFTC need to focus on fraud, manipulation, pump and dumps, etc. rather than regulating by enforcement.
We were on the Hill all day today speaking to key stakeholders on what’s most important to keep in these bills for the industry.
— Chamber of Digital Commerce (@DigitalChamber) July 25, 2023
CoinGape Media reported a revised crypto bill introduced by US House Republicans to regulate digital assets, protect consumers, foster innovation, and position the US as a global leader in finance and technology. It highlights changes made to the previous crypto bills by Democrats and Republicans.
Read More: Lawyers, XRP Community Slam Critics Of Judge Torres Decision
FOMC On the Horizon
Meanwhile, the US Federal Reserve is set to raise interest rates by another 25 bps after the FOMC meeting today. JPMorgan’s trading desk expects a “hike and pause” as the likely outcome of the FOMC meeting.
Popular analysts including Michael van de Poppe, Rekt Capital, and Crypto Tony predicts Bitcoin price can start upside momentum after the Fed rate hike.
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