New rules designed to provide the cryptocurrency trade with much-needed clarity have surfaced in the US after a long period of expectation. The U.S. Home Monetary Companies Committee approved the invoice by a vote of 35–15, marking a significant victory for it. This win was made possible by a select group of legislators who recognized the shortcomings of the current legal systems. The future of the bill is still uncertain, though, because it might encounter challenges in the Democratic-controlled Senate.
Numerous XRP holders support a bipartisan approach to cryptocurrencies.
In the midst of this legislative process, attorney John Deaton, a steadfast supporter of XRP, has made it apparent that he is qualified to represent the XRP community. Deaton emphasized the diverse political connections and viewpoints of the 75,000 XRP investors he represented in the Ripple v. SEC lawsuit.
Republican, Democratic, Independent, Progressive, Conservative, Capitalist, Socialist, Libertarian, and other political affiliations had been represented among them. According to Deaton, this variation emphasizes the need for a nonpartisan approach to the cryptocurrency market.
Deaton criticized the apparent anti-crypto posture taken by some Democrats, including people like Elizabeth Warren and Gary Gensler, and said it was a mistake. However, he found encouragement in recent events, particularly when six Democrats supported the crypto bill, giving a severe blow to the Warren/Gensler Anti-Crypto Marketing campaign.
Although there is still a long way to go, Deaton thinks that such advancement, especially on the eve of an election year, may likely pave the way for a more favorable posture towards cryptocurrencies.
The U.S. Home Monetary Companies Committee’s acceptance of the crypto bill is a turning point in addressing the regulatory uncertainty that has enveloped the US crypto market in the long term.
If passed into law, this measure might improve the country’s position in the global bitcoin industry and discourage cryptocurrency companies from looking for more regulated environments overseas. Such expansion creates a lot of attractive opportunities for growth and development within the US crypto industry.