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    HomenewsSenator Lummis Calls for Clear Crypto Guidelines Following XRP Decision

    Senator Lummis Calls for Clear Crypto Guidelines Following XRP Decision

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    US Senator Cynthia Lummis advocates for clearer cryptocurrency regulations following a significant Ripple’s XRP court ruling.

    In a recent tweet, US Senator Cynthia Lummis expressed the urgent need for well-defined cryptocurrency regulations, after Judge Analisa Torres’ ruling stating Ripple’s XRP token should not be classified as a security in digital asset exchanges. Lummis underscored the ruling’s importance, pushing for Congress to formulate a comprehensive crypto framework with clear guidelines.

    The Call for a Comprehensive Crypto Framework

    Lummis, a notable Bitcoin supporter from Wyoming, emphasized the critical need for a transparent crypto framework. This structure would not only protect investors but also fuel innovation in the cryptocurrency sector. The court’s decision, she believes, proves the urgent need for such guidelines, placing the focus on protecting consumers.

    The notable Senator called for the continued use of the Howey test – the legal standard determining whether an investment classifies as a security. Lummis also pointed out the Responsible Financial Innovation Act, a bill she co-introduced with Senator Kirsten Gillibrand, known as the Lummis-Gillibrand bill.

    Implications of the Lummis-Gillibrand Bill

    The primary objective of the Lummis-Gillibrand bill is to provide definitive regulatory guidelines for digital assets. It seeks to align cryptocurrency regulations with the interpretation of the Howey test, ultimately aiming for transparent regulation.

    The Ripple Labs and the US Securities and Exchange Commission’s legal spat has far-reaching implications for the crypto world. The verdict could set a precedent that significantly impacts the regulatory environment for digital assets in the US.

    The lack of a well-structured guideline leaves entrepreneurs and investors uncertain, potentially slowing down innovation and economic growth. While the Ripple decision went partly in their favor, it remains to be seen how Congress will respond to Lummis’s call for clearer cryptocurrency market regulation.

    Lummis’s efforts indicate an increased recognition among legislators of the need for a forward-thinking regulatory approach to tap into the full potential of the cryptocurrency industry.

    The post Senator Lummis Calls for Clear Crypto Guidelines Following XRP Decision appeared first on Crypto Academy.

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