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After prolonged anticipation, new legislation aimed at providing much-needed clarity to the cryptocurrency industry has emerged in the United States. The bill achieved a significant milestone as it received approval with a 35-15 vote in the U.S. House Financial Services Committee. This victory comes as a result of a select group of politicians who recognized the inadequacies of current legislative frameworks. However, the bill’s future remains uncertain as it faces potential obstacles in the Democrat-led Senate.
Diverse XRP Holders Advocate Bipartisan Approach to Crypto
In the midst of this legislative journey, attorney John Deaton, a prominent supporter of XRP, has shed light on his experience representing the XRP community. Deaton highlighted that the 75,000 XRP holders he represented in the Ripple Vs SEC lawsuit held diverse political views and affiliations.
Among them were Republicans, Democrats, Independents, Progressives, Conservatives, Capitalists, Socialists, Libertarians, and others. This diversity underscores the need for a bipartisan approach to the crypto industry, according to Deaton.
One the best things about the 75K #XRP holders who joined together, is the diversity. Republicans, Democrats, Independents, Progressives, Conservatives, Capitalists, Socialists, Libertarians, etc. Crypto should be a bipartisan issue. When it appeared to me that the incumbent… https://t.co/rXDcWkjfnl
— John E Deaton (@JohnEDeaton1) July 27, 2023
Deaton expressed disappointment with the perceived anti-crypto stance adopted by some Democrats, led by figures like Elizabeth Warren and Gary Gensler, deeming it a mistake. However, he found hope in recent developments, particularly when six Democrats voted in favor of the crypto bill, dealing a significant blow to the Warren/Gensler Anti-Crypto Campaign.
While there is still a long way to go, Deaton believes that such progress, especially on the eve of an election year, could potentially pave the way for a more favorable stance towards cryptocurrencies.
Looking towards the future, the approval of the crypto bill by the U.S. House Financial Services Committee marks a pivotal moment in addressing the regulatory ambiguity that has surrounded the crypto industry in the United States.
If enacted into law, this legislation holds the potential to strengthen the nation’s position in the global cryptocurrency market and prevent crypto companies from seeking clearer regulatory environments overseas. Such a development opens up several promising opportunities for growth and advancement within the USA’s crypto sector.
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