XRP Can Benefit Greatly With New Token Taxonomy Act, Amending Prior Securities Exchange Act

2018-12-22 20:24

XRP Could Be Benefited By The Amends Proposed By Congressmen To The Old Securities Definition

Ripple could potentially be benefited if the proposal to change the 72-year-old securities definition is approved. There are two congressmen presented a bill called Token Taxonomy Act that defined ‘digital token’ and allows assets to be clearly defined. Furthermore, it will provide clarity about securities laws that are currently being applied to some tokens in the market.

This is a result of the combined effort of both Warren Davidson and Darren Soto. According to CNBC, Davidson explained that the intention is to achieve a win for America.

On the matter, Davidson commented:

“In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”

At the moment, the U.S. Securities and Exchange Commission (SEC) uses the Howey Test to determine whether an asset is a security or not. However, the Howey Test is not clear and there are vague rules that are harming the crypto space.

XRP would be benefited by this amend. Regulatory agencies and some analysts suggested that XRP is a security, but Ripple and XRP supporters provided a clear explanation about why XRP cannot be considered a security. One of the main issues is related to centralization. However, Brad Garlinghouse explained that Bitcoin (BTC) is more centralized than XRP. Most of the Bitcoin miners are located in China and a lot of the hash rate of the Bitcoin network is controlled by just a few companies.

Furthermore, XRP supporters explain that if Ripple shuts down and it does not operate anymore, XRP would keep being traded in many different exchanges around the world. This would prove that the asset is decentralized and it does not depend on just one institution.

Due to this uncertainty in the market, crypto platforms and exchanges such as Gemini, Kraken or Coinbase did not offer support for XRP. However, if regulations change and become clearer, XRP could be listed in these exchanges in the future. Coinbase has already informed that they are analyzing the possibility to add XRP.

At the time of writing, XRP is the second largest virtual currency in the market after Bitcoin (BTC) according to CoinMarketCap. It has a market capitalization of $14.56 billion and each XRP coin can be purchased for $0.357.

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securities act token xrp benefited congressmen defined

Èñòî÷íèê: bitcoinexchangeguide.com

securities act → Ðåçóëüòàòîâ: 54


Ôîòî:

Cryptocurrencies Are Not Securities – U.S. Congress to Amend Outdated Definition

A new bill was introduced in the U. S. Congress on Thursday, aiming to bring regulatory clarity on cryptocurrencies, CNBC reported. The Century’s Most Innovative Technology Defined by Decades-old Legislation The bill, dubbed “Token Taxonomy Act,” was led by congressmen Warren Davidson of Ohio and Darren Soto of Florida, and focuses on two amendments.

2018-12-21 14:59


Ôîòî:

Congressmen Introduce Bill to Change Securities Definition to Exclude Cryptocurrency

Two congressmen are introducing a bill that would exclude digital currencies from securities classification and substantially improve the tax treatment for cryptocurrencies. The new definition could benefit current cryptocurrency projects—such as Ripple’s XRP—and allow for ICOs and STOs to fundraise with more clarity.

2018-12-21 02:03


Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals. According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.

2018-10-24 00:55


Ôîòî:

The SEC Is Delaying Another Bitcoin ETF Decision

The United States Securities and Exchange Commission (SEC) is in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year. Not three weeks since postponing its decision on five other Bitcoin ETFs, the SEC has indicated in a public statement that it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September.

2018-8-8 17:15


Ôîòî:

As Expected, SEC Delays VanEck/SolidX Bitcoin ETF Decision Until September

The U. S. Securities and Exchange Commission (SEC) has delayed their decision on the commodity-backed Bitcoin ETF. The final determination is pushed ahead, as expected. The Waiting Begins In a notice dated August 7, the SEC announced they are pushing back the decision on what would be the very first regulatory approved Bitcoin exchange-traded fund (ETF) in the U.

2018-8-8 09:00


Ôîòî:

Bitwise Files With SEC for Cryptocurrency ETF

Bitwise Asset Management is the latest venture to apply for a cryptocurrency exchange-traded fund (ETF). Called the Bitwise HOLD 10 Cryptocurrency Index Fund, the ETF will track the returns of the company’s HOLD 10 Index, a “market-cap-weighted index of the 10 largest cryptocurrencies” that captures roughly 80 percent of the total cryptocurrency market capitalization.

2018-7-25 02:18


Coinbase Exchange Retracts SEC Approval Announcement, Claims It Never Needed Approval for Acquisitions

In an update to Monday’s story in which leading U.S. exchange, Coinbase Inc., claimed to have received SEC and FINRA approval to go forward with three acquisitions that would effectively allow the exchange to act as a broker dealer for digital coins deemed securities, the San Francisco-based company is now claiming that it received no… The post Coinbase Exchange Retracts SEC Approval Announcement, Claims It Never Needed Approval for Acquisitions appeared first on UNHASHED.

2018-7-19 21:26


FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges

Japan’s Financial Services Agency (FSA) finally refuted recent reports stating that it plans to make some changes to existing cryptocurrency regulations. The FSA is the government agency responsible for regulating the insurance, securities, exchange, and banking sectors in the country to ensure the stability of the financial system.

2018-7-5 16:39


Ôîòî:

Coinbase: Over 100 Pages of SEC Complaints Reveal Fraud Allegations

Leading U. S. cryptocurrency exchange Coinbase is under heavy criticism by its users for being underprepared to handle increasing demand. Coinbase Not Ready For Its Own Success The criticism was documented by a five-month Freedom of Information Act (FOIA) process, which comprised a total of 134 pages of complaints filed by users of the exchange with the U.

2018-6-25 21:00


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