XRP News Today: Crypto Industry Awaits Clarity as Congress Holds Hearing

The US Congress has scheduled a hearing on crypto market structure for next week, with industry leaders, including Ripple CEO Brad Garlinghouse, set to testify. This hearing is significant as it comes at a time when the crypto industry is seeking regulatory clarity, particularly for assets like XRP, which has been embroiled in a legal battle with the Securities and Exchange Commission (SEC).

Ripple has already withdrawn its appeal in the XRP lawsuit, indicating a step toward resolving the long-standing legal dispute. However, the SEC has not yet responded, leaving the outcome uncertain. The hearing will provide a platform for industry leaders to discuss the need for clear regulations and the potential impact on the crypto market.

The committee session, which will take place on Wednesday at 10:00 AM ET, will focus on enhancing crypto market structure, a long-awaited legislative proposal that can shape the landscape of cryptocurrency in the US. Confirmed witnesses in the hearing include Brad Garlinghouse, CEO of Ripple, Kristin Smith, CEO of Blockchain Association, Jonathan Levin, CEO of Chainalysis, and Dan Robinson, General Partner at Paradigm. With unique perspectives from the industry leaders, republican lawmakers will push for greater legal certainty, especially in defining the decentralized protocol and how open-source developers should be treated under federal law.

The CLARITY and GENIUS Acts are two of the key focuses in the upcoming hearing. The legislation seeks to create a regulatory framework for the CLARITY Bill that separates digital commodities from securities, an issue that has long divided the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Moving in parallel, the GENIUS Act continued its own trajectory towards a potential vote in the House. If passed, the GENIUS Act would proceed to the President’s desk for signing, while the CLARITY bill to move to Senate consideration.

The US is currently in a wave of embracing innovation by regulating cryptocurrency and other digital assets. It has also set a ‘crypto week’ in July to further welcome the new legal structure for crypto. The hearing and the progress of the GENIUS and CLARITY Acts are crucial steps toward providing the regulatory clarity that the crypto industry has long sought. Clear regulations could foster greater institutional investment and mainstream adoption, potentially leading to a more stable and mature market. However, the outcome of the hearing and the passage of the legislation remain uncertain, and the industry will be closely watching for any developments.