With Washington recommitted to innovation, cryptocurrencies need a congressional fix

By Former Rep. George Nethercutt. June 20, 2021. (The Hill).

Congress just achieved a rare bipartisan feat in passing the “Endless Frontier Act” through the Senate. This bold legislative package recommits the U.S. to technological innovation and global leadership in the race against Chinese domination. At the very least, Republicans and Democrats understand that the U.S. must do more to win this fight. However, unless the Biden administration and Congress change their current attention deficit on cryptocurrencies, America’s efforts may be in vain.

Beneath the headlines and outside of the halls of Congress, federal bureaucrats are actively circumventing Congress and using the courts to regulate the U.S. cryptocurrency industry. The total lack of regulatory clarity in the Securities Act is the main culprit and consensus is building. This is especially evident to observers of the Securities and Exchange Commission’s (SEC) December 2020 lawsuit against San Francisco-based enterprise software company Ripple over its distribution of the cryptocurrency XRP.

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“Cryptocurrencies can help solve economic injustice. Democrats shouldn’t fear them”

By Sheila Warren and Michael Casey. May 28, 2021. (Roll Call).

When Joe Biden won the presidential election, he pledged immediately to begin working on behalf of the voiceless and the underserved: by rebuilding the middle class, heeding science to end the global pandemic and creating lasting recovery that delivers racial and social justice.

Now, with Biden in office and key appointments filled, Democrats have a chance to fulfill those promises. Cryptocurrencies and the revolutionary technology powering them present an unprecedented opportunity to help do so. 

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NOTE: Sheila Warren is the deputy head of the World Economic Forum’s Centre for the Fourth Industrial Revolution and a member of the forum’s Executive Committee. Michael J. Casey is the chief content officer for CoinDesk, a cryptocurrency news site, and a former columnist for The Wall Street Journal. Warren and Casey co-host CoinDesk’s Money Reimagined podcast.  

Ripple case seen as precedent for cryptocurrency regulation

By Keith Lewis. May 4, 2021. (Roll Call)

Cryptocurrency experts are closely watching a legal battle between Ripple Labs Inc. and the Securities and Exchange Commission, anticipating the case could establish precedent and clarify the regulatory landscape for digital coin offerings.

The SEC last year sued the company, CEO Brad Garlinghouse and Executive Chairman Chris Larsen in the U.S. District Court for the Southern District of New York, alleging they should have registered XRP under securities law. Ripple and its executives have asked the court to dismiss the case.

Ripple scored wins in preliminary rulings in the federal court, including gaining access to internal SEC documents and shielding its executives’ personal bank records from discovery. Holders of Ripple’s XRP cryptocurrency at issue in the litigation were also granted permission in April to intervene in the case.

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Cryptocurrencies Are Not a Fad, They’re a Revolution. America Needs to Prepare.

By Bill Tai. May 4, 2021. (Morning Consult).

In the mid-1970s, a cutting-edge group of hackers founded the Homebrew Computer Club in Silicon Valley. Their specialty was developing tools to break into the telephone systems of major corporations, and they went on to create innovative technologies that changed the world, generating millions of dollars in value along the way. One of those hackers was Steve Jobs.

It was in the days of an innovation economy that fostered risk and was free from crushing regulations that I found my start and built a career in technology, as did the founders of companies like Apple, Microsoft, Intel, and Cisco. The disruption of incumbents, however uncomfortable, placed Silicon Valley on the map and put the United States at the forefront of an economic revolution that forever changed the way we live.

As we near the end of the coronavirus pandemic and step into a new chapter of our nation’s economy, one that’s more digitally connected than ever before, we should create policies to foster this same sense of innovation within today’s tech sector. Under the new leadership of the Biden administration, America has an opportunity to take a fresh look at one such disruptive technology: blockchain and cryptocurrencies.

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