Will XRP Finally Get Legal Clarity? Ripple CEO Testifies in Congress Next Week
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The US Congress has scheduled a hearing on crypto market structure next week with industry leaders set to testify, including Ripple CEO Brad Garlinghouse. The initiative is expected to influence future crypto legislation in the United States.Attorney John E Deaton shared a post on X (formerly Twitter), detailing the lack of clarity.
Committee Hearing Set to Tackle Market Structure
The committee session, which will take place on Wednesday at 10:00 AM ET, will focus on enhancing crypto market structure, a long-awaited legislative proposal that can shape the landscape of cryptocurrency in the US.
Eleanor Terret, host of Crypto in America, reported the hearing on X, which aims to define how digital assets are classified and regulated. According to her report via X, confirmed witnesses in the hearing include:
- Brad Garlinghouse: CEO of Ripple
- Kristin Smith: CEO of Blockchain Association
- Jonathan Levin: CEO of Chainalysis
- Dan Robbinson: General Partner at Pradigm
With unique perspectives from the industry leaders, republican lawmakers will push for greater legal certainty, especially in defining the decentralized protocol and how open-source developers should be treated under federal law.
John E Deaton’s Comment on Ripple’s Lack of Clarity
Ripple had been in a legal battle with the SEC, which resulted in providing some clarity regarding the sales of XRP. However, the crypto exchange still lacks complete legal clarity for XRP. Deaton, an XRP attorney, shed light on Ripple’s legal struggle for legal clarity.
He stated “I’ll be there in spirit, Brad.”
CLARITY Bill and GENIUS Act
The CLARITY and GENIUS Acts are two of the key focuses in the upcoming hearing. The legislation seeks to create a regulatory framework for the CLARITY Bill that separates digital commodities from securities, an issue that has long divided the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Moving in parallel, the GENIUS Act continued its own trajectory towards a potential vote in the House. If passed, the GENIUS Act would proceed to the President’s desk for signing, while the CLARITY bill to move to Senate consideration.
The US is currently in a wave of embracing innovation by regulating cryptocurrency and other digital assets. It has also set a ‘crypto week’ in July to further welcome the new legal structure for crypto.