The XRP community has responded to the most recent transfer by giving the cryptocurrency industry the much-needed regulatory readability. Congressman Tom Emmer, a supporter of cryptocurrencies, and U.S. Consultant Darren Soto introduced the Securities Readability Act in Could.
According to Sen. Emmer, the bill clarifies the regulatory classification of intellectual property, provides market certainty for innovators, and establishes clear jurisdictional boundaries for regulators.
He continues that because there is no distinction made between the asset and the securities contract, token projects that raise money to support improvement are unable to get out of the securities framework once the project is decentralized, which reduces the utility of the project and ultimately harms token holders.
The congressman continued by saying that the Securities Readability Act adds a crucial term, “funding contract asset,” to the existing securities laws so that cryptocurrency projects can realize their full potential in a legal manner and enable the USA to compete globally in the next web iteration.
This attracted the attention of the XRP community, particularly pro-XRP attorney Jeremy Hogan, who tweeted about the bill.
The inventor of CryptoLaw, John Deaton, agreed with Perry Boring, CEO and founder of the Digital Chamber, who called the Securities Readability Act the “silver bullet laws for digital assets” if passed.
In related news, on Tuesday, June 6, 2023, at 10 a.m., the House Committee on Agriculture will hold a hearing on “The Way Forward for Digital Belongings: Offering Readability for Digital Asset Spot Markets.”
With any luck, this will start a conversation on the desperately needed market construction laws for cryptocurrencies. In order to give all parties a chance to discuss and figure out a course of action, Coinbase legal officer Paul Grewal said he will present a market regulation bill during the hearing.