SEC to focus on ‘clear’ crypto regulations after Ripple case: Atkins
Main Idea
The SEC is shifting focus to developing clear regulatory frameworks for cryptocurrencies following the conclusion of the Ripple case, with an emphasis on fostering innovation while protecting investors.
Key Points
1. The SEC and Ripple Labs ended their nearly five-year legal dispute, which is seen as a step toward clearer crypto regulations.
2. SEC Commissioner Hester Peirce and Chair Paul Atkins emphasized the need for a clear regulatory framework to foster innovation and protect investors.
3. The SEC sued Ripple in December 2020, alleging $1.3 billion in unregistered XRP securities sales; Ripple was later fined $125 million.
4. Lawmakers are advancing the Digital Asset Market Clarity Act (CLARITY Act) to define regulatory structures for digital assets, despite political pushback.
5. Republican lawmakers aim to pass the CLARITY Act by September 30, though some Democrats criticize it as part of a broader crypto legislative push.
Description
The end of the nearly five-year legal dispute will enable the regulatory agency to dedicate more time to developing clear regulatory frameworks, SEC Chair Paul Atkins said.
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