Two days from now, the American Senate and Housing Committee will be awarded the most watched monitoring since the lawsuit began between Ripple and US Securities and Exchange. At 10 am EST on Wednesday, July 9, the committee in Dirksen will hold 538 for a hearing entitled “From Wall Street to Web 3: Building the digital assets market for tomorrow”.
The session will be directly on the Internet and-from the collective aspect for the holders of XRP-CEO Riple Brad Garlinghouse alongside the CEO of Blockchain (former CFTC) Summer Morsiner, co-founder of Chainalysis Jonathan Levin, and his general partner Dan Robinson. The committee staff indicated that the discussion will focus on whether some distinctive symbols should be dealt with as “digital commodities” – a category that would put preliminary censorship with the commodity futures trading committee instead of the Securities and Stock Exchange Committee.
Why is July 9 decisive for XRP?
Garlinghouse enters hearing with the wind on his back. On June 27, he announced that Ripple would withdraw its cross appellant in the long -term battle of the SEC, adding X, “We are closing this chapter once and for all.” SEC is widely expected to abandon Judge Anjia Torres in July 2023, which saw that the XRP in the secondary stock exchanges does not constitute unregistered security – although the judge left a civil penalty worth $ 125 million in its place of previous institutional sales. Dial crime removed the immediate litigation cloud but left the biggest legal question – what is XRP? – At the hands of Congress.
This question sits in the heart of many bills that now exceed its way through the Capitol Hill. Last year, the House of Representatives passed the PIPARTISAN FIT21 law, while the 2025 digital assets market law will explicitly determine the symbols that achieve “job decentralization” as commodities.
In the Senate, the Chairman of the Board of Banking, Tim Scott has set a final date imposed to celebrate a comprehensive draft law of the structure in the market by September 30. As he said in a chat on June 27, “I was very clear that there is an authorization of the president to transfer the genius law immediately to his office is in the interest of the American people, and made sure that there is a timing line to accomplish it in the market on September 30.
Witnesses of industry are expected to present sharply contradictory views. In a preview on X, Mersiner wrote that “the United States urgently needs clear, comprehensive and carefully designed rules for digital assets,” which indicates that it will pressure legislators to write down CFTC jurisdiction on instant markets. Robinson of Paradigm is expected to warn of the rules that the current guardian “lock” – is connected to the previous certificate.
The markets will have one eye to discuss policy and the other on the XRP price tape. The distinctive symbol erupted over $ 2.28 overnight after the news of the Ripple chase of an American bank charter, and extending a two -week march that options offices say they are crowded with 3 dollars strike calls. Official Senate indication that XRP is more commodity, which can enhance security (already very strong) for ETF Spot.
At the present time, the only certainty is that Wednesday’s session will generate the most reliable public records so far on how Congress is planning to draw the line between securities and goods in WeB3 – and whether XRP ultimately stands on the same side of this line such as wheat, gold and bitcoin.
At the time of the press, XRP was traded at $ 2.28.
Distinctive image created with Dall.e, Chart from TradingView.com
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