US Crypto Regulations Take Step Forward Amid Ripple SEC Settlement
Ripple CEO Brad Garlinghouse says the US is 'closer than ever' to establishing clear cryptocurrency regulations after attending the Commodity Futures Trading Commission's Innovation Advisory Committee meeting. The committee, which includes leaders from finance and crypto, agrees that existing financial rules are outdated for digital assets.
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have issued guidance categorizing tokens, but no binding federal law exists yet. The Digital Asset Market Clarity Act faces a critical Senate vote on September 15, requiring 60 votes to advance, but its passage remains uncertain.
Ripple's legal battle with the SEC ended with a $125 million penalty and injunction, leaving regulatory clarity incomplete. This development is significant for the crypto industry, which has long been seeking clear guidelines from regulators. The CFTC advisory committee meeting marks a step towards achieving this goal.