Biden

Chair

Joe Biden

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Reports have been emerging that the US’s Joe Biden administration’s stance over the digital assets industry seems to be softening now. This comes in when the US Securities and Exchange Commission (SEC) is filing back to back <a href="https://news.todayq.com/sec-inches-closer-to-approving-ether-etfs/" rel="noopener noreferrer nofollow">legal charges </a>against the key crypto linked organisations. However, Ripple’s legal head had made some comments over this situation. Ripple legal chief takes aim at SEC 
Chris Brummer in a post stated this might be the first time that the SEC has become a subject of presidential politics. He mentioned that it’s hard to recall that ever a presidential candidate took the Chair of the SEC by name. Brummer added that he also doesn’t remember that a sitting President would have threatened preemptively to veto Congressional legislation about the commission.
To this, Stuart Alderoty, Chief Legal Officer of Ripple replied that the SEC chair Gensler overplayed his hand as he thought crypto was an easy target.&nbsp;
“Gensler relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability,” stated Ripple’s legal head.
He earlier highlighted that the FIT 21 is coming up for a vote this week. This is a reminder that the House Committee on Agriculture had the foresight in 2023 to publish a fact sheet. It cited Ripple’s decision (XRP, in and of itself, not a security) to debunk the SEC’s myth that all digital assets were securities. FIT 21 
According to reports, the SEC chair had made some comments before the scheduled voting on FIT21. He reportedly stated that the Financial Innovation and Technology for the 21st Century Act would hurt investors and hamper the commission’s work.
He added that the FIT 21 Act would create some new regulatory gaps. This will undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.
It is important to note that the FIT21 is a joint bill that the House Agriculture Committee and the House Financial Services Committee produce. This is intended to clarify how the SEC and CFTC would oversee crypto. It will surely creates a “digital commodity” term for digital assets that do not meet the bill’s definition of a security and will place those assets under the CFTC’s purview.
This comes in when the crypto market is on a surge with Ethereum (ETH) recent 20% price jump. ETH is trading at an average price of $3,737, at the press time.

Ripple legal head slams SEC amid Biden’s crypto policy shifts

Todayq News

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