An amendment to the US Crypto Bill could result in compensation for the SEC to lose. This is also true for Ripple, whose lawsuit is ongoing with the SEC. Attorney James Murphy described the crypto bill as a great opportunity to reform the SEC and curb the trend of regulatory extremism. Meanwhile, US Senator Elizabeth Warren has hinted at the crypto bill.
Is it possible for the crypto bill to set the SEC on track?
The U.S. Securities and Exchange Commission (SEC) allegedly imposes sanctions against digital asset industry-linked firms and leaders. Legal battles led by the commission forced the defendants to pay hefty legal fees over time. However, it’s possible that a draft crypto bill released by Republican lawmakers will put a pause on the regulatory overreach of the biggest Watchdogs.
The bill, drafted by House Financial Services Committee Chairman Patrick McHenry (RN.C.) and House House Agriculture Committee Chairman Glenn Thompson (R-Penn.), sent a wave of relief to the crypto industry. The Crypto Law is expected to create a clear framework for digital assets. There are also signs that he is holding the SEC and CFTC accountable for his actions.
Attorney James Murphy described the crypto bill as a great opportunity to reform the SEC. As the draft is still under consideration, the attorney suggested an amendment. He stated that at the end of each case brought by the commission, the court decides which side is the winner. However, if the plaintiff turns out to be unable to prove his claims, he will pay all the legal fees the defendants incur.
Ripple will spend $200 million in SEC lawsuit
Ripple CEO Brad Garlinghouse, who was a defendant in the SEC lawsuit, stated that the blockchain firm will spend around $200 million defending itself when it is finished. However, in the US SEC Vs Lbry case, Watchdog’s approach to delaying legal action drove the defendants into possible bankruptcy. The lawyer stressed that with this change in the crypto bill, the SEC will be liable to reimburse the defendant’s legal fees if it is lost. He states that if Ripple wins the case, the commission may have to pay around $200 million in legal fees from the defendant.
Elizabeth Warren hints at crypto bill
After recently claiming that crypto payments are involved in Chinese fentanyl trading, US Senator Elizabeth Warren on Saturday hinted at the possibility of introducing a bill that would prevent such loopholes in the crypto industry. Before cryptocoin.com Warren shared research data supporting claims that Chinese businesses fueled the Fentanyl epidemic and made millions in cryptocurrencies. The Senator had recently drawn the ire of the crypto market community for his attacks on the industry. These attacks come alongside the SEC’s ongoing regulatory scrutiny over crypto businesses.
Senator Warren hinted on Saturday that he has a bill that will close the loopholes and impose rules on the crypto industry. He reiterated that crypto payments are involved in illegal activities such as stealing funds, evading sanctions and financing terrorism. In this context, Warren said, “This is a big problem, but one that we can solve. There is a draft law that will close legal loopholes and apply common sense rules to the industry.”
The Senator recently spoke about the environmental impacts and energy consumption concerns of Bitcoin mining. Meanwhile, the Senator is a frequent target of criticism in the crypto community for his close ties to SEC Chairman Gary Gensler, who is a strong skeptic about crypto trading in the US.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.