US Lawmakers Push for Clear Crypto Regulations and Laws

After the court ruling on the Ripple case involving XRP, several U.S. lawmakers are urging Congress to make laws to control cryptocurrencies and respect the court's decision.

Patrick McHenry (R-NC) and Glenn "GT" Thompson (R-PA), leaders of the House Financial Services and Agriculture Committees, shared a statement on Friday. They talked about the Ripple case and the need for clear laws in the crypto world. 

The lawmakers think the ruling shows that Congress needs to provide clear guidelines for digital assets. They say the decision offers more protection to big institutional investors than regular Americans. This situation, according to them, is what happens when courts, not Congress, create policy.

They encourage Congress to pass a bill and they proposed focusing on market structure laws. They believe their bill will ensure all investors and market participants get the same protection as in traditional financial markets.

The lawmakers also stated that the court decision supports the Republicans' view that the SEC has limits. According to the court, digital assets might not always be securities but can be part of an investment contract under specific conditions, which their legislation acknowledges.

They criticized SEC Chairman Gary Gensler's approach of controlling crypto through enforcement, which they say only hurts investors and creates uncertainty. They also mentioned a bill to remove him from his SEC chair position. Moreover, Gensler has claimed that all crypto tokens, except bitcoin, are securities.

Finally, McHenry and Thompson stressed that their digital asset market structure bill is crucial to address the regulatory gaps shown in this decision. They remain dedicated to making sure all Americans are well-protected in the digital asset marketplace. They are eager to push this legislation forward in their committees this month.