In a letter to Republican Senator Pat Toomey, Ripple stated that cryptocurrency consumers, innovations and markets in the US are suffering from legal uncertainties.
Ripple management proposes the creation of a joint forum where public institutions and private sector stakeholders can exchange ideas so that the cryptocurrency and blockchain industry can be reasonably regulated.
Existing legal regulations “incomprehensible” and regulatory bodies, “indiscriminate sanction” In the letter, in which it was stated that the has damaged expressed.
These statements were made after Pat Toomey, a member of the US Senate Committee on Banking, Housing and Urban Affairs, requested information from Ripple about cryptocurrency laws.
Giving an example of the steps that can be taken with public-private sector cooperation, Ripple management will be able to exempt crypto money developers from some laws for a certain period of time. “a safe harbor” referred to the idea of creating
The idea put forward by Hester Peirce, a Securities and Exchange Commission (SEC) official earlier this year, was that cryptocurrency start-ups would be exempted from federal securities laws. three years provides for a period of time.
SEC’s securities laws There are uncertainties about the way of implementation. stating that Ripple has been presented so far Securities Clarity Act (SCA) and Digital Commodity Exchange Act (DCEA) By giving examples from projects such as “can make it clear” stated.
SCA for cryptocurrencies “investment contract asset” While introducing a new legal definition such as DCEA “digital commodity exchanges” It provides a definition that can be used at the federal level for
Pennsylvania Senator Toomey said that after the Chinese government recently declared all cryptocurrency transactions illegal, this is for the United States. “could be a great opportunity” had expressed.