This Amendment In US Crypto Bill Can Lead SEC To Reimburse On Losing
XRP News: The U.S. Securities and Exchange Commission (SEC) has been alleged of pushing enforcement against the digital asset industry linked firms and leaders. The legal tussles led by the commission have forced the defendants to bear heavy legal fees over time. However, a draft of the crypto bill released by Republican lawmakers might put a pause on the top Watchdogs’ regulatory overreach.
Also Read: US SEC Replaces Introductory Disclaimer; Another Win For Ripple?
Can The Crypto Bill Reform Sec’s Regulatory Overreach?
The House Financial Services Committee Chair Patrick McHenry (R-N.C.) and House Agriculture Committee Chair Glenn Thompson (R-Penn.) drafted bill has sent a wave of relief to the crypto industry. It is expected that the Crypto Bill will build a clear framework for digital assets and hold the SEC and CFTC liable for their actions.
Attorney James Murphy called the crypto bill a big opportunity to reform the SEC. As the draft is still under consideration, the attorney suggested an amendment to it. He stated at the end of every lawsuit launched by the commission, the court decides which is the winning party. However, if it comes out that the plaintiff wasn’t able to prove its assertions then it shall pay all attorney’s legal fees borne by the defendants. Read More XRP News Here…
Also Read: XRP Ledger (XRPL) Is Solving “Real Time” Cross Border Settlements: HSBC Report
Ripple To Spend $200 Mln In SEC Lawsuit
Ripple CEO Brad Garlinghouse, a defendant in the SEC lawsuit mentioned that the blockchain firm will have spent around $200 million in defending itself by the time it is over. However, in the US SEC Vs Lbry case, Watchdog’s approach to delay legal proceedings led the defendants to possible bankruptcy.
The attorney highlighted that with this amendment in the crypto bill, SEC will be liable to reimburse the defendant’s legal fees if lost. It directs that if Ripple wins the case the commission might have to pay around $200 million of the defendant’s legal fees.
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