A Pennsylvania Republican is reportedly planning to propose new crypto legislation following last week’s ruling in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple.
Bloomberg reports Rep. Glenn Thompson is optimistic about getting support for crypto account he’s defending according to court decision that Ripple did not violate securities laws with the open market sale of XRP.
In a ruling that contradicts 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 under written contracts, but not when offered on exchanges.
Thompson say the court decision provides clarity on how crypto assets should be treated. He pushes for the new legislation that seeks to clarify when crypto assets should be regulated as securities or commodities and gives the Commodity Futures Trading Commission (CFTC) authority to oversee certain tokens.
“The Ripple decision has made clear what we have been saying all along: There is confusion about how digital assets are treated under the securities laws, and it is 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 this week to North Carolina Representative and House Financial Services Committee Chairman Patrick McHenry.
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