Crypto Legislation: XRP Lawyer Vindicates 3 Coins Amid Crackdown Calls

In light of Treasury Secretary Janet L. Yellen’s latest push for crypto legislation, pro-XRP lawyer John E. Deaton has offered an explanation to vindicate Bitcoin (BTC), Ethereum (ETH), and Ripple-associated coin XRP.

Crypto Legislation and the Bitcoin, Ethereum and XRP Immunity

Firstly, Deaton cited the recent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) as a clearance for the underlying cryptocurrency. Next, he mentioned that Ethereum has also been exposed to a similar environment as Bitcoin. 

Ethereum has been approved for futures ETF coupled with the fact that leading investment asset management firm BlackRock has filed its application for spot Ethereum ETF.  With these conditions, the CryptoLaw founder says that the argument surrounding the securities status of ETH is a foregone conclusion. 

He does not perceive Gary Gensler’s reluctance to publicly declare the altcoin non-security as a threat to the position of ETH.

XRP’s position is already established following Judge Analisa Torres’s ruling that XRP offered to retail investors is not security. Since BTC, ETH, and XRP are in the clear, per Deaton’s description, the Coinbase lawsuit with the SEC becomes the next point of focus with a significant impact on any crypto legislation move.

“Crypto-assets that are not securities.”

Considering the approval of multiple spot ETFs, #Bitcoin has been cleared at this point. Considering #ETH has been approved for a futures ETF, coupled with BlackRock’s application for a spot ETF, #ETH is likely a forgone conclusion,… https://t.co/4lTaU3bqwQ

— John E Deaton (@JohnEDeaton1) February 6, 2024

It is noteworthy that Deaton decided to vindicate these digital coins against the opposition that they are faced with as Secretary Yellen is now pushing for crypto legislation before the Committee on Financial Services of the U.S. House of Representatives as seen on crypto X lately. 

The government official pointed out that a lot of volatility is associated with cryptocurrencies and this is a major threat to investors. She also had a similar view about Artificial Intelligence (AI).

She therefore urged Congress to enforce existing regulations and to pass new legislation aimed at regulating stablecoins and the spot market for crypto-assets that are not classified as securities.

EU In Pursuit of Robust Crypto Markets Regulations

Many other jurisdictions are equally concerned about the use of cryptocurrencies in their regions and are earnestly working on establishing robust regulatory frameworks to guide the burgeoning ecosystem. The European Securities and Markets Authority (ESMA) has seen significant progress in this regard with the release of two consultation papers. 

In these documents, the agency requested public feedback on establishing standards and guidelines under the Markets in Crypto-Assets (MiCA) regulation. This move suggests a more assertive regulatory approach from the EU as they propose stricter rules for foreign crypto firms.