Mike Flood, a United States House of Representatives member, has recently praised Ripple over the victory against the United States Securities and Exchange Commission (SEC), which finally deems XRP as a digital asset.
In a tweet, Flood hailed the court’s ruling as a “significant triumph for digital assets in the United States and American innovation.”
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He emphasized that with the dismissal of SEC Chair Gary Gensler’s arguments against XRP, it is now imperative for Congress to step in where the securities regulator has failed.
This decision is an enormous victory for the future of digital assets in the United States and American innovation. Now that Chair Gensler’s spurious legal argument on XRP has been discredited, it is time for Congress to act where the SEC and Chair Gensler have failed. https://t.co/6rzajFLUog
— Rep. Mike Flood (@USRepMikeFlood) July 14, 2023
Comprehensive Digital Assets Framework
Flood called for a “comprehensive digital assets framework” that provides regulatory clarity, promotes innovation, and safeguards American investors. He said that such a framework would “provide much-needed certainty for businesses and investors alike, and help to ensure that the United States remains a global leader in the digital asset space.”
Recall that Ripple CEO Brad Garlinghouse has also called for clear crypto regulations.
In a recent interview, Garlinghouse said that the court’s ruling “undermines the SEC’s claims that most tokens are inherently securities.” He said that the ruling “should serve as a wake-up call for Congress” to pass clear regulations for the crypto industry.
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The Need for Regulation
The need for clear crypto regulation is becoming increasingly urgent. The Terra implosion last May highlighted the risks of unregulated crypto markets. The Biden Administration has also called for clear regulations, and the US House Committee is considering a bill that would classify digital assets as commodities.
With the growing demand for clear crypto regulations, it is likely that Congress will soon take action. This would be a positive development for the crypto industry, as it would provide much-needed certainty for businesses and investors.
Read Also: Attorney John Deaton Looks Forward to XRP at $10 Price Once Ripple-SEC Lawsuit Ends
The Future of Crypto Regulation
The two main schools of thought on how to regulate crypto assets are being contested. The SEC argues that most digital assets are securities, while the CFTC argues that they should be classified as commodities. The outcome of the US House Committee’s vote on the bill to classify digital assets as commodities could have a major impact on the future of crypto regulation in the United States.
If the bill is passed, it would provide much-needed clarity for the crypto industry. Businesses would know how to classify their digital assets and how to comply with the law. Investors would also have more confidence in the crypto market, as they would know that their investments are safe.
However, if the bill is not passed, the SEC could continue to argue that most digital assets are securities, which would further create uncertainty for the crypto industry and stifle innovation.
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