Cynthia Lummis responded to the Ripple vs SEC judgment and urged Congress to take a step to bring a clear crypto regulatory framework to the country.
Cynthia Lummis is a US senator from Wyoming. She is popular among government officials as a Bitcoin proponent. In the past, Cynthia passed several positive comments about Bitcoin and also suggested people invest some money in Bitcoin.
Following the Ripple vs SEC judgment, Cynthia said that the latest court ruling in the XRP lawsuit is showing that the US Congress needs to step in the crypto regulatory steps and bring a clear regulatory framework for this innovative sector.
My statement in response to the Southern District of New York’s ruling in Securities and Exchange Commission v Ripple Labs, Inc. pic.twitter.com/bmIxR0AmhT
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— Senator Cynthia Lummis (@SenLummis) July 14, 2023
After the court judge’s judgment in the XRP lawsuit, huge numbers of crypto & non-crypto personalities talked about the SEC’s bad crypto regulatory approach, which has been trying to regulate the crypto sector under traditional securities laws, which do not apply to the crypto sector, forcefully.
Ripple vs SEC
In Dec 2020, the US SEC sued the Ripple (XRP) executives and alleged that XRP falls under the category of securities and also said that all of Ripple’s business with XRP violated the securities laws.
After a long battle, Just a few days ago, the court order confirmed that XRP was never security.
Here Ripple is not only the victim, which faced such legal hurdles in the US because of unclear & uncertain rules & regulations, also some other big players faced problems e.g. Kraken, Binance, Coinbase, Bittrex, etc.
At present, the Coinbase vs SEC matter is on fire. In the latest court ruling, the court judge said that the SEC body was able to prohibit the Coinbase exchange from Securities Act violation but the SEC body intentionally never guided/warned the Coinbase company.
These findings are showing that the SEC agency is trying its best to waste its time against the successful crypto companies, instead of taking action against bad actors.
Read also: Binance integrates Bitcoin lightning network support
US Senator Urges Congress to deliver clear crypto regulatory structure
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