By J.W. Verret. January 6, 2022. (Law360).
A resolution is expected soon in the U.S. Securities and Exchange Commission’s landmark case against the cryptocurrency company Ripple Labs Inc. over its sales of the XRP token. The SEC’s obtuse stance on crypto as represented by the Ripple case has caused much harm to this burgeoning industry.
Sen. Cynthia Lummis, R-Wyo., gets it and recently announced she plans to introduce a bill to clear away the uncertainty with new rules defining the boundaries of digital asset regulation, and that creates a new, specialized regulator for digital assets. Capitol Hill gridlock will likely delay the bill, but the thought leadership it represents will further advance the conversation about how the SEC should better approach crypto.