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  <p class="is-style-lead">Republican lawmaker and self-described crypto HODLer, Senator Cynthia Lummis, has expressed her support for the recent judgment in the SEC vs. Ripple case.</p> 
  <p>Sen. Cynthia Lummis is one of crypto’s most prominent <a href="https://crypto.news/senator-lummis-americans-future-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">supporters</a> on Capitol Hill. She posted on Twitter her feelings about the ruling in the U.S. Securities and Exchange Commission’s (SEC) case against XRP.</p> 
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    <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
     <p lang="en" dir="ltr">My statement in response to the Southern District of New York’s ruling in Securities and Exchange Commission v Ripple Labs, Inc. <a href="https://t.co/bmIxR0AmhT" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/bmIxR0AmhT</a></p>— Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1679908868992942080?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 14, 2023</a> 
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  <p>Senator Lummis applauded Analisa Torres’ finding of the Southern District of New York (SDNY) that crypto assets traded in secondary markets are not investment contracts.&nbsp;</p> 
  <p> You might also like: <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" rel="noopener noreferrer nofollow"> Lawyer argues XRP is not a security as SEC lawsuit continues </a> </p> 
  <p>The senator further stated that the court’s decision mirrored the position taken in the proposed crypto legislation that Sen. Kirsten Gillibrand and herself introduced in June 2022.&nbsp;&nbsp;</p> 
  <p>The proposal was called the <a href="https://www.mayerbrown.com/en/perspectives-events/publications/2022/06/the-lummisgillibrand-responsible-financial-innovation-act-what-to-know" target="_blank" rel="noopener noreferrer nofollow">Lummis-Gillibrand Responsible Financial Innovation Act</a> (RFIA). It provided comprehensive regulation of digital assets and a resolution to the questions about the authority of different regulatory bodies over cryptocurrencies.&nbsp;</p> 
  <p>The bill also <a href="https://crypto.news/us-senator-warren-to-reintroduce-bill-on-daos-and-defi-platforms/" target="_blank" rel="noopener noreferrer nofollow">clarified</a> how crypto assets and decentralized autonomous organizations (DAOs) are taxed and impose disclosure and consumer protection requirements on digital asset service providers.</p> 
  <p>In June, the Wyoming senator, known as the “<a href="https://africa.businessinsider.com/news/meet-washingtons-crypto-queen-a-republican-senator-who-owns-dollar100000-in-bitcoin/9y14qj8" target="_blank" rel="noopener noreferrer nofollow">Crypto Queen</a>” in certain circles for her steadfast support of the crypto industry, said she was recommitting herself to working for a supportive regulatory framework for cryptocurrency.</p> 
  <p> You might also like: <a href="https://crypto.news/ripple-ceo-calls-xrp-ruling-a-win-for-crypto-industry/" rel="noopener noreferrer nofollow"> Ripple CEO calls XRP ruling a win for crypto industry </a> </p> 
  <h2 class="wp-block-heading" id="strong-critics-accuse-the-senator-of-misrepresenting-ruling-strong"><strong>Critics accuse the senator of misrepresenting ruling</strong></h2> 
  <p>According to Sen. Lummis, section 501 of the RFIA echoes sentiments similar to those made in the Southern District of New York’s SEC vs. Ripple finding. Lummis believes the precedent-setting judgment is a clear sign for U.S. lawmakers to pass the RFIA finally.</p> 
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   <div class="wp-block-embed__wrapper"> <iframe title="Crypto: U.S. Senators Lummis &amp; Gillibrand discuss new crypto bill designed to protect consumers" width="1020" height="574" src="https://www.youtube.com/embed/HQ4YQC_PJR4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <p>“The decision confirms the need for Congress to deliver a regulatory structure for the crypto asset industry that provides the highest level of consumer protection,” the senator said in her statement.</p> 
  <p>However, several detractors have contested the senator’s interpretation of the decision, claiming that the court had not addressed the secondary sales she mentioned.</p> 
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    <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
     <p lang="en" dir="ltr">Accurately speaking, secondary sales were not ruled upon, see footnote 16. This is dictum. <a href="https://t.co/VJc8lX2Z3c" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VJc8lX2Z3c</a></p>— Naethaan.eth | web3 lawyer (@iJonny) <a href="https://twitter.com/iJonny/status/1679909737742102528?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 14, 2023</a> 
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  <p>While Judge Torres determined that XRP is not a <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" target="_blank" rel="noopener noreferrer nofollow">security</a> since it does not automatically meet the Howey standards for an investment contract, it can be sold as a security in specific situations. However, the judge decided not to rule on all secondary XRP sales because the issue had not been adequately raised before the court.</p> 
  <p> Read more: <a href="https://crypto.news/senators-lummis-and-gillibrand-set-to-present-crypto-bill-in-congress-again/" rel="noopener noreferrer nofollow"> Senators Lummis and Gillibrand set to present crypto bill in Congress, again </a> </p>
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‘Crypto Queen’ Cynthia Lummis applauds XRP ruling

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