A Pennsylvania Republican is reportedly planning to propose new crypto legislation after last week’s verdict in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple.
Bloomberg reports that Representative Glenn Thompson is optimistic about getting support for the crypto bill he is championing following the court’s decision that Ripple did not violate securities law with the open market sale of XRP.
In a ruling that counters the SEC’s argument that most tokens offered to retail investors are unregistered securities, U.S. District Judge Analisa Torres says XRP tokens are sold as securities only when made directly to institutional investors pursuant to written contracts, but not when offered on exchanges.
Thompson says the court’s decision gives clarity on how crypto assets should be treated. He is pushing for the new legislation that seeks to clarify when crypto assets should be regulated as securities or commodities and give the Commodity Futures Trading Commission (CFTC) the authority to oversee certain tokens.
“The Ripple decision has highlighted what we’ve been saying all along — there’s confusion about how digital assets are treated under the securities laws, and it’s up to Congress to step in and provide both certainty and clarity.”
Thompson, who also chairs the House Agriculture Committee, plans to formally introduce the bill with North Carolina representative and House Financial Services Committee Chairman Patrick McHenry this week.
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