Top executives at Ripple Labs calls upon Congress to provide clear crypto regulations. Also, this is happening as Ripple’s legal battle over XRP with the U.S. Securities and Exchange Commission (SEC) continues.
Furthermore, the federal agencies also asks the Congress for more power to regulate stablecoins. More so, Ripple Labs CEO Brad Garlinghouse goes on to tweet, saying that the legislative branch should consider creating clear guidelines for the crypto industry.
“There is a lot at stake here, which is why we need Congress to play a leading role in…”
“providing guidance and clarity for not just stablecoins as is recommended by the PWG…”
“[President’s Working Group on Financial Markets] report, but crypto broadly ASAP.”
Additionally, Ripple general counsel Stuart Alderoty notes how some members of Congress are ready to act. Then, mentions that the government is showing hesitations. Thereby, causing the US to fall behind other economic powers.
“This shouldn’t be a partisan issue, and some in Congress are seeking to take on the mantle…”
“Unfortunately, while the US (as a whole) flounders, other respected economic centers are seizing the advantage…”
” – to name just one, the EU with MiCA [Regulation of Markets in Crypto-assets], taking input from all stakeholders.”
Notably, Ripple’s legal battles continues, even as a federal judge denies a motion by XRP holders. Which of course, seeks to intervene on the company’s behalf in the lawsuit against the SEC. Particularly, over the categorization of XRP as a security.
Surprisingly, the judge grants them the ability to file amicus briefs.
Then, Alderoty describes it as a slight against XRP holders.
“XRP holders have always said that the SEC’s lawsuit is a direct attack on them. Now it’s official.”
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