The most current XRP rumour is that Congress is pressing the SEC to develop transparent and environmentally friendly regulations for the cryptocurrency market. The recent partial victory for the SEC in the XRP case abstract judgement emphasizes the importance of developing guidelines for digital assets.
Why Does SEC Fall Short of Body Strain Guidelines?
While expressing a valid issue in a letter to SEC Chair Gary Gensler, U.S. Congressmen French Hill and Dusty Johnson emphasized the need for effective rulemaking in the cryptocurrency space. They harassed the Home Committee on Monetary Companies and the Home Committee on Agriculture about the significance of providing an open regulatory framework for all market stakeholders.
To address the current regulatory loopholes, these committees have convened more than 15 hearings on digital asset coverage during the past four years. The SEC has concentrated on market regulation through enforcement actions, while Congress is consistently seeking to close these loopholes. Additionally, Congress wants the SEC to work with them to promote innovation and market development.
As Fox Enterprise Journalist Eleanor Terrett stated that two letters were recently sent to the SEC Chair to highlight the Fee, one can imagine the extent of the tension. The goal is to put an end to the SEC’s enforcement-based approach to regulating cryptocurrency. Ritchie Torres, a representative, also made similar arguments to Gary Gensler.
Will The SEC Work With Congress To Regulate Crypto?
The U.S. Home Committee on Monetary Companies Republicans stressed the relevance of the SEC chair collaborating with Congress to protect holders of digital assets in the wake of the XRP litigation verdict. This demonstrates the growing interest in implementing precise rules and protections for the bitcoin trade.
But it appears that not everyone is visiting the same website. The SEC looks to Favour a more stringent enforcement posture, while Congress is keen to close regulatory gaps. They are employing a number of regulation and personnel actions in an effort to control crypto intermediates. Will there be a conflict of visions in the crypto space as a result of this friction? Only time will reveal.