After anticipation that has lasted a long time, the United States has seen the emergence of new legislation that could provide much-needed clarity to the cryptocurrency industry. This bill achieved an important milestone as it was approved by a 35-15 vote in the U.S. House Financial Services Committee. This was made possible by a select few politicians who realized the inadequacies of the existing legislative frameworks. However, the bill’s future is uncertain as it could face obstacles in the Senate, which is under Democrat control.
John Deaton, a well-known XRP supporter and attorney, has shed light on his experience representing the XRP community. He pointed out that of the 75,000 XRP holders involved in the Ripple Vs SEC lawsuit, they had varying political views and affiliations. These included Republicans, Democrats, Independents, Progressives, Conservatives, Capitalists, Socialists, Libertarians, and others. Deaton believes this diversity proves that a bipartisan approach to the crypto industry is necessary.
The attorney expressed his disappointment with the anti-crypto stance of some Democrats, such as Elizabeth Warren and Gary Gensler, which he believes is a mistake. However, he was encouraged by the fact that six Democrats voted in favor of the crypto bill, negatively affecting the Warren/Gensler Anti-Crypto Campaign. Deaton believes that this progress, especially in an election year, could lead to a more favorable view on cryptocurrencies.
The approval of the crypto bill by the U.S. House Financial Services Committee is a major step in tackling the regulatory ambiguity that has been attached to the crypto industry in the USA. If this legislation is passed into law, it could strengthen the nation’s position in the global cryptocurrency market, and stop crypto companies from seeking more regulatory clarity abroad. This could open up a number of opportunities for growth in the USA’s crypto sector.
