Ripple (XRP) and Coinbase Face Intense Legal Scrutiny: Proposed Bills Under Vote!

• The US House of Representatives is preparing to vote on two significant bills that could impact cryptocurrency regulation, signaling a major development for the crypto industry.
• The vote, scheduled for the last week of May, is a pivotal event that will shape the future of cryptocurrency in the United States.
• Meanwhile, comments on the legal status of Ripple and Coinbase have drawn attention.

As the US House of Representatives gears up to vote on two key crypto bills, the future of cryptocurrency regulation in the US hangs in the balance. This article delves into the details of the upcoming vote and its potential impact on the crypto industry.

Two Bills, One Vote: A Look at the Anti-CBDC Bill

The first bill, known as HR 4763 or the 21st Century FIT Act, aims to establish a comprehensive regulatory framework for the cryptocurrency industry. This bill proposes a division of oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Essentially, this bill seeks to bring clarity and structure to the evolving crypto asset environment and provide greater transparency for market participants.

A Bipartisan Challenge

The decision to combine these two bills into a single vote is seen as a strategic move to streamline the debate and voting process. However, this approach has its own challenges. While the FIT Act has support from both parties, the anti-CBDC bill has faced opposition from Democrats. Notably, no Democrat voted in favor of the amendment that blocked the CBDC from being in the committee.

Latest Developments for Ripple and Coinbase

Meanwhile, there are critical developments for Ripple. The outcome of the lawsuit remains uncertain. According to many experts, Ripple appears likely to prevail at the end of the lawsuit. Ripple’s CEO, Brad Garlinghouse, shared the latest developments in a program:

• Judge Torres’s Summary: The summary presented by Judge Torres on July 13, 2023, was considered a significant victory for Ripple.
• SEC’s Settlement Efforts: There are speculations that the SEC is trying to settle with Ripple. However, Ripple CEO Brad Garlinghouse stated that they will not agree to a settlement unless the SEC stops “attacking the crypto market.”
• Next Steps in the Lawsuit: Both sides plan to appeal the lawsuit. The outcome of the lawsuit could be announced in late 2024 or 2025.

On the other hand, Coinbase’s Chief Legal Officer (CLO) Paul Grewal once again addressed the United States Securities and Exchange Commission (SEC). This time, the experienced lawyer is concerned about the inconsistency in the regulator’s tone in its latest file opposing the Interlocutory Appeal.

Conclusion

The upcoming vote on the two crypto bills will be a significant event for the crypto industry in the US. The outcome could shape the future of cryptocurrency regulation in the country. Meanwhile, the legal proceedings involving Ripple and Coinbase continue to draw attention. The developments in these cases could also have significant implications for the crypto industry.