Ripple Raises Concerns Over U.S. Crypto Bill’s Vague Language and Its Impact on XRP and Innovation
Main Idea
Ripple criticizes the U.S. Senate’s draft crypto bill for its vague language, which could classify decentralized tokens like XRP and Ethereum as securities, potentially stifling innovation and pushing crypto developers offshore.
Key Points
1. Ripple highlights regulatory ambiguities in the draft bill that could classify decentralized tokens like XRP and Ethereum as securities, complicating their regulatory status.
2. The bill's language could subject tokens like Ethereum to SEC oversight due to their initial coin offerings (ICOs), despite their current decentralized use.
3. Ripple proposes that tokens operating on a public, open blockchain for over five years should be exempt from SEC jurisdiction, aligning with XRP's legal history.
4. Ripple calls for a clearer regulatory split between the SEC and CFTC to avoid overlap and confusion, which currently hinders innovation.
5. The U.S. share of global crypto developers has dropped from 38% in 2015 to 19% in 2024, with unclear compliance rules stalling growth and pushing builders to other regions like Asia.
Description
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