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Will XRP Finally Get Legal Clarity? Ripple CEO Testifies in Congress Next Week

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Elena R and Qadir AK

The US Congress has scheduled a hearing on crypto market structure next week with industry leaders set to testify, including Ripple CEO Brad Garlinghouse. The initiative is expected to influence future crypto legislation in the United States. Attorney John E Deaton shared a post on X (formerly Twitter), detailing the lack of clarity.

Committee Hearing Set to Tackle Market Structure

The committee session, which will take place on Wednesday at 10:00 AM ET, will focus on enhancing crypto market structure, a long-awaited legislative proposal that can shape the landscape of cryptocurrency in the US.  

Eleanor Terret, host of Crypto in America, reported the hearing on X, which aims to define how digital assets are classified and regulated. According to her report via X, confirmed witnesses in the hearing include: 

  • Brad Garlinghouse: CEO of Ripple
  • Kristin Smith: CEO of Blockchain Association
  • Jonathan Levin: CEO of Chainalysis
  • Dan Robbinson: General Partner at Pradigm

With unique perspectives from industry leaders, republican lawmakers will push for greater legal certainty, especially in defining the decentralized protocol and how open-source developers should be treated under federal law.  

John E Deaton’s Comment on Ripple’s Lack of Clarity

Ripple had been in a legal battle with the SEC, which resulted in providing some clarity regarding the sales of XRP. However, the crypto exchange still lacks complete legal clarity for XRP. Deaton, an XRP attorney, shed light on Ripple’s legal struggle for legal clarity.

He stated “I’ll be there in spirit, Brad.” 

CLARITY Bill and GENIUS Act

The CLARITY and GENIUS Acts are two of the key focuses in the upcoming hearing. The legislation seeks to create a regulatory framework for the CLARITY Bill that separates digital commodities from securities, an issue that has long divided the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

Moving in parallel, the GENIUS Act continued its own trajectory towards a potential vote in the House. If passed, the GENIUS Act would proceed to the President’s desk for signing, while the CLARITY bill to move to Senate consideration. 

The US is currently in a wave of embracing innovation by regulating cryptocurrency and other digital assets. It has also set a ‘crypto week’ in July to further welcome the new legal structure for crypto.

FAQs

What is the main goal of the CLARITY Act concerning digital assets?

The CLARITY Act aims to resolve the long-standing confusion over whether crypto assets should be classified as securities or commodities. Its goal is to establish a clear regulatory framework that separates digital commodities from securities, impacting how various digital assets are overseen by the SEC and CFTC.

How could the GENIUS Act influence the future of stablecoins and the broader crypto market in the US?

The GENIUS Act, which recently cleared the Senate and is expected to pass in the House, is poised to bring stablecoins into the traditional financial system. If signed into law, it’s viewed as a cornerstone of President Trump’s vision to boost the dollar’s dominance through regulated stablecoins, potentially leading to increased institutional adoption and market growth.

Elena R and Qadir AK

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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