A new bill specifically addresses the regulatory void in the digital asset spot market XRP
in The Hill, proposing fresh digital asset legislation. In their piece, published by The Hill, they criticize Securities and Exchange Commission Chairman Gary Gensler's stance that nearly all digital assets, except Bitcoin, are securities.
Despite Gensler's assurance, the Ripple ruling exposed the complexities of categorizing digital assets and highlighted the inadequacies of current regulatory frameworks. The court ruled that Ripple's token, XRP, is not inherently a security, contradicting the SEC boss's view that most digital assets are.
This ruling is shaping up to be a watershed moment for the mercurial digital asset industry, sparking a bipartisan call for clarity on the Howey test, which determines what constitutes a security. The op-ed underscores the regulatory gaps in digital asset regulation, which can only be resolved through legislation.
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