SEC reviews Ripple ruling, US bill seeks control over DeFi, and more: Hodler’s Digest, July 16-22
SEC reviews Ripple ruling, US bill seeks control over DeFi, and more: Hodler’s Digest, July 16-22
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U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agencys suit against Ripple, saying the SEC is still looking at it and assessing that opinion. Gensler declined to comment further on the case, but said the commission is pleased with the court’s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it might appeal the decision. In the crypto community, however, some believe it is unlikely to happen as the SEC benefits from the current confusion.
A bipartisan bill was introduced into the U.S. Senate, tightening regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as other financial companies, including centralized crypto trading platforms, casinos, and even pawn shops. The proposal also makes anyone who controls that project liable for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.
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