Congress is setting hearing for crypto market structures with top CEOs: Brad Garlinghouse and other leaders at Ripple testify on digital asset regulation.
Clarity and genius behaviour take place under the spotlight: lawmakers aim to define crypto assets, divide regulatory obligations, and promote legal clarity in the industry.
The US Congress is scheduled for a hearing on the crypto market structure next week, with industry leaders set to testify, including Ripple CEO Brad Garlinghouse. The initiative is expected to affect future US cryptography. Attorney John E. Deaton shared a post about X (formerly Twitter) and detailed the lack of clarity.
Committee hearings set up to tackle market structure
The committee session, held Wednesday at 10am AM ET, will focus on strengthening the crypto market structure, a much-anticipated legislative proposal that can shape the US cryptocurrency landscape.
Eleanor Terret, the host of American Crypto, has reported a hearing on X, aimed at defining the way digital assets are classified and regulated. According to her report by X, the witnesses confirmed at the hearing are:
- Blood Girling House: Ripple CEO
- Christine Smith: Blockchain Association CEO
- Jonathan Levin: CEO CEO
- and Robinson: Pradim’s General Partner
With a unique perspective from industry leaders, Republican lawmakers drive greater legal certainty, especially in defining decentralized protocols and how open source developers should be treated under federal law.
John E Deaton’s comments on Ripple’s lack of clarity
Ripple was in a legal battle with the SEC, which provided some clarity when it came to the sale of XRP. However, crypto exchanges still lack the full legal clarity of XRP. Deaton, an XRP lawyer, shed light on Ripple’s legal struggle for legal clarity.
He said, “I’m mentally there, Blood.”
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Clear bills and genius laws
Clarity and the act of genius are two important focuses in future hearings. The law seeks to create a clear bill regulatory framework that distinguishes digital goods from securities. This is a problem that has long split between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Moving in parallel, Genius Law continued its own trajectory towards a potential vote in the House. If passed, the Genius Act will go to the president’s desk for signature, while the clear bill will move to the Senate consideration.
The US is currently in a wave of embracing innovation by regulating cryptocurrencies and other digital assets. We also set up “Crypto Week” in July to further welcome Crypto’s new legal structure.
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