Ripple CEO Brad Garlinghouse is optimistic about the crypto industry’s prospects in this year’s US elections. He believes that, for the first time in US history, crypto’s voters will play a significant role. This confidence comes as US crypto’s industry executives lobby for pro-crypto legislation. Garlinghouse also highlighted Ripple’s recent victory in its lawsuit against the SEC.
Furthermore, numerous cryptocurrency lobbyists and lawyers admit to being actively involved in drafting the FIT21 crypto bill. Sheila Warren, the CEO of the Crypto Council for Innovation, mentioned that her organization contributed to some of the provisions “a year-and-a-half or two years ago.”
Ripple CEO Brad Garlinghouse and Blockchain Association’s chief executive Kristin Smith disclosed an extensive lobbying effort aimed at promoting pro-crypto regulations during this election year. Their strategy reached a milestone last week with the U.S. House passing a bill that was both backed and drafted by the crypto industry.
The U.S. House passed the FIT21 crypto’s bill. This bill transfers some crypto oversight from the SEC to the CFTC. Coinbase, Ripple, and lobbying groups like the Blockchain Association and Crypto Council for Innovation helped draft this bill.
Crypto Politics: Shaping Congressional Alliances
This effort has included electing new allies to Congress and defeating lawmakers perceived as potential threats. Brad Garlinghouse noted that the cryptocurrency industry has gained political traction to highlight its constructive and positive aspects. Prominent Democrats like Ro Khanna, Kirsten Gillibrand, and Richie Torres have received significant donations from the crypto sector.
However, The bill explicitly states that an investment contract asset is not considered a security. A digital asset sold or transferred under an investment contract is not a security. It doesn’t become a security just because it’s sold or transferred through an investment contract. This is stated in the statement.
The price of XRP has dropped by 2% over the past 24 hours, currently trading at $0.528. During this period, the lowest and highest prices recorded were $0.521 and $0.539, respectively. Despite the decline in price, trading volume has surged by 25%.
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Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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