News
XRP News Today: Ripple Faces Court Ruling Amid US Crypto Election Debate
Significantly, Brad Garlinghouse has committed $25 million annually until the anti-crypto rhetoric ends on Capitol Hill.
Other crypto-linked companies contributing to Fairshake include Coinbase (COIN), Kraken and Andreessen Horowitz.
Contributions to Fairshake highlight the importance of the US presidential election for the crypto market. Senator Cynthia Lummis summarized the changing attitudes toward encryption on Capitol Hill, stating,
“When I arrived in the US Senate, no one knew anything about crypto assets. Nobody knew the difference between Bitcoin and other crypto assets. We have worked hard to educate Washington and now we are seeing the fruits of that labor.”
The Lummis and Gillibrand Responsible Financial Innovation Act
In 2022, Senators Cynthia Lummis and Kirsten Gillibrand presented the Responsible Financial Innovation Act. The legislation aims to give the Commodity Futures Trading Commission more authority to regulate crypto assets, promoting innovation while protecting consumers.
A GOP victory in November could support the Responsible Financial Innovation Act and end the SEC’s reign of regulation through enforcement.
The Democratic Party’s anti-crypto stance, led by Senator Elizabeth Warren, has different spatial plans for digital assets in the US.
Senator Elizabeth Warren is behind the Digital Asset Anti-Money Laundering Law. Senators Elizabeth Warren and Roger Marshall elaborate the bill with help from the American Bankers Association. The account would be impose banking-style regulations in the crypto market, including anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks.
In May, Republican leader Donald Trump put cryptocurrencies on the US political map. His support for crypto could give Republicans the edge, with more than 52 million Americans owning crypto. A Republican Party victory could be a boost for the crypto market.
While US politics took center stage, ongoing situation updates SEC vs. Ripple also received the attention of investors.
SEC vs. Ripple: Ripple files response letter to support sealing motion
On Wednesday, defense attorney James Filan shared the latest updates on the SEC vs. SEC case. saying,
“Ripple has filed a response letter in further support of its Motion to Seal documents in connection with the SEC’s Motion for Judgment and Remedies.”
In the written response, Ripple reinforced its arguments regarding the need to seal confidential and non-public information, including its financial statements.
After a court decision on the Motion to sealthe courts will decide the penalty for failure to comply with U.S. securities laws.