In 2018 SEC Director of Corporation Finance, William Hinman, gave a famous speech where he deemed that Bitcoin and Ethereum were not securities, which caused Ethereum to pump 8% directly after the speech. The broader cryptocurrency market interpreted this speech as real regulatory clarity even though this was not the case. As developments are occuring in the Ripple v SEC lawsuit, the SEC is claiming this speech was nothing but personal opinion.
However some interesting news just hit the headlines a few hours ago, there is now a bipartisan proposal from the leaders of the Senate Agriculture Committee which would put Bitcoin & Ethereum under the jurisdiction of the CFTC. Which would officially render the top 2 largest cryptocurrencies as commodities.
It has also been stated that oversight of the remaining cryptocurrencies would be divided between the CFTC and SEC, however the process for making those determinations is not yet clear, since this bill has only reached the proposal stage. Nothing is official just yet.
Chair of he Senate Agriculture Committee, Stabenow, who helped draft the bill had this to say about the cryptocurrency markets
“lack the transparency and accountability investors expect from traditional financial markets.”
“That’s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.”
Considering that the XRP twitter community has exposed the fact that there is connections between the Ethereum Enterprise Alliance and a payment of $15M made to SEC director William Hinman to give the infamous 2018 free pass speech. It makes you wonder if those same people are lining the pockets of senators to push a bill to achieve a true free pass from congress, which would officially render BTC & ETH commodities.
The post BTC & ETH May Be Receiving a *REAL* Free Pass appeared first on The XRP Daily.
