The crypto-space is currently weathering a flurry of regulatory attention, and it seems as though the landmark ruling against Ripple along with the burgeoning interest in crypto ETFs may be responsible. In remarks reportedly made by the CEO of Coinbase, we see that recent events, exemplified by these two, have prompted U.S. lawmakers into considering the necessity of clear regulatory pathways for digital assets.
A recent discussion with Brian Armstrong, CEO of Coinbase, indicates that legislative interests are picking up momentum in the wake of the SEC’s court ruling against Ripple. Notably, the court decided that the XRP token was not largely considered a security. Armstrong posits that with this ruling has come a renewed sense of urgency among lawmakers.
Top-tier representatives such as Maxine Waters and Patrick McHenry are reportedly investigating viable legislative directions. Crypto ETF filings by powerhouses such as Blackrock and Fidelity, among others, are viewed as having marshalled this drive in urgency.
Moreover, there are several draft bills currently under discussion in both the House and Senate. The Financial Innovation and Technology for the 21st Century Act, the Responsible Financial Innovation Act, the Digital Asset Anti-Money Laundering Act, and the Digital Asset Market Structure bill are all part of this ongoing movement. It appears the Ripple ruling has created a considerable wave of optimism— prompting a shift towards legislative progress instead of reliance on court decisions.
However, while regulation can promote security and transparency, it can also invite skepticism. It might be recalled that Coinbase has its own ongoing tussle with the SEC. Allegedly, security laws were violated, and this has drawn the ire of the crypto exchange. Coinbase executives have publicly riposted that regulatory bodies adopt the ‘regulation by enforcement’ attitude towards crypto.
In conclusion, as regulators take an increasing interest in the bourgeoning crypto market, clear and commendable efforts are underway to deliver logical legislative frameworks. These developments will undoubtedly determine the future shape of the crypto industry, as cooperation between industry leaders and lawmakers continues to unravel. The swift response seems to indicate a recognition of the importance and growth of the crypto industry. One must remember, even with the best regulatory framework in place, the onus of fostering a safe, secure, and innovative crypto environment invariably weighs heavily on the industry itself.
Source: Cointelegraph
