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<p>In recent developments, the judge has ruled that Ripple&#39;s XRP token is considered a security in the SEC case, receiving support from Rep. Torres, who had previously criticized the SEC&#39;s approach. Additionally, the former CEO of Celsius Network has been arrested on fraud charges, leading Rep. Sherman to condemn cryptocurrencies as a &#34;Garden of Snakes.&#34; Furthermore, the voting on the stablecoin bill may face a delay as the House committee seeks bipartisan support.</p><p>The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:</p><ul><li><a href="https://www.linkedin.com/company/secgov/" rel="noopener noreferrer nofollow">SEC</a> (U.S. Securities and Exchange Commission)</li><li>U.S. District Judge Analisa Torres</li><li>Rep. Ritchie Torres (D-NY)</li><li>Celsius Network</li><li><a href="https://www.linkedin.com/company/commodity-futures-trading-commission/" rel="noopener noreferrer nofollow">CFTC</a> (U.S. Commodity Futures Trading Commission)</li><li><a href="https://www.linkedin.com/company/federal-trade-commission/" rel="noopener noreferrer nofollow">FTC</a> (U.S. Federal Trade Commission)</li><li>Rep. Brad Sherman (D-CA)</li><li>House Financial Services Committee Chair Patrick McHenry (R-NC)</li><li>Sen. J.D. Vance (R-OH)</li><li>Rep. Kat Cammack (R-FL)</li><li>House National Defense Authorization Act (NDAA)</li><li><a href="https://www.linkedin.com/company/deptofdefense/" rel="noopener noreferrer nofollow">U.S. Department of Defense</a></li></ul><h2 id="header-0">Judge rules Ripple&#39;s XRP token a security in SEC Case, Rep. Torres supports decision</h2><p>On July 13 U.S. District Judge Analisa Torres ruled in the SEC’s case against Ripple Labs that the blockchain firm’s XRP token was a security when it was sold directly to institutional investors, but not when it was sold on public exchanges. Rep. Ritchie Torres (D-NY) tweeted support for the decision, just after requesting an investigation into the SEC’s “haphazard and heavy-handed approach to digital assets.”</p><h2 id="header-1">Former Celsius Network CEO arrested on fraud charges, Rep. Sherman labels crypto a &#34;Garden of Snakes&#34;</h2><p>On July 13 U.S. authorities arrested Alex Mashinsky, the former CEO of failed crypto lending platform Celsius Network, on fraud charges. The SEC, CFTC, and FTC are also pursuing civil enforcement actions against Mashinsky and Celsius. Rep. Brad Sherman (D-CA) tweeted about Mashinsky’s arrest, calling crypto a “Garden of Snakes.”</p><h2 id="header-2">Voting on stablecoin bill likely postponed as House Financial Services Committee seeks bipartisan support</h2><p>The House Financial Services Committee may postpone voting on Chair Patrick McHenry’s (R-NC) draft stablecoin bill to later in July, as Committee Republicans hope to gain support from Democrats to make the bill a bipartisan effort.</p><h2 id="header-3">Sen. Vance plans bill to shield banks from regulatory pressure on crypto firms and other industries</h2><p>Sen. J.D. Vance (R-OH) plans to introduce a bill that would shield banks from regulatory pressure to cut off customers like crypto firms, gun manufacturers, and oil and gas companies.</p><h2 id="header-4">Rep. Cammack files amendment for blockchain technology in Defense Department, expected adoption in House NDAA</h2><p>Rep. Kat Cammack (R-FL) filed an amendment to the House National Defense Authorization Act (NDAA) that would establish a working group to identify ways blockchain technology might improve efficiencies at the Department of Defense. The House NDAA is currently being considered on the House floor this week. CPS expects that the Cammack amendment may be adopted into the final House NDAA bill.</p><h2 id="header-5">CFTC to discuss digital assets and emerging technologies in Technology Advisory Committee meeting</h2><p>Next Tuesday, July 18, the CFTC will hold a meeting of the Technology Advisory Committee to discuss digital assets, blockchain technology, cybersecurity, and emerging technologies.</p>

Judge Rules XRP Token a Security and Stablecoin Bill Faces Potential Delay

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