SEC to Begin Cryptocurrency Rulemaking Process This Week
The US Securities and Exchange Commission (SEC) is set to begin its cryptocurrency rulemaking process this week, with an open meeting scheduled for August 14. The SEC will review a proposal called Regulation Crypto Assets, which aims to create a tailored offering regime for certain investment contracts involving crypto assets.
This move comes as Congress delays comprehensive market legislation, including the CLARITY Act, leaving investors and traders waiting for clarity on regulatory guidelines.
XRP price remains under pressure ahead of this announcement, with the wider market falling by 1.57% in 24 hours to $2.18 trillion.
Bitcoin and Ethereum have dropped to lower levels of under $64,000 and under $1900 respectively, which could put additional pressure on XRP's price if Bitcoin loses momentum around $63,500.