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Republican lawmakers have unveiled a draft bill aimed at providing clarity and regulation for the crypto industry. The proposed legislation defines the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and allows digital assets to be traded on traditional platforms. Meanwhile, there has been speculation about Ripple going public, but experts suggest that it would take at least six months to prepare for an initial public offering (IPO). In other news, concerns have been raised about the lack of information regarding an alleged $18 billion tax loophole that crypto enthusiasts are exploiting. Additionally, Congressman Warren Davidson emphasizes the importance of keeping liquidity in domestic markets rather than offshore. The Securities and Exchange Commission (SEC) has also faced setbacks, as they plan to dismiss around 42 enforcement cases due to an internal data mishap. Overall, the proposed crypto bill and ongoing developments in the industry continue to shape the regulatory landscape and market dynamics.

McHenry - crypto Bill

Republican lawmakers released a draft bill on Friday that would provide crypto assets and exchanges a clearer regulatory plan, allowing digital assets to be traded on more conventional trading platforms and introducing a division of authority between the top two U.S. financial regulators.

Crypto bill from Republicans lays out clear roles for SEC and CFTC
The bill introduced by Reps. Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa., would more clearly define the SEC’s and CFTC’s spheres of influence.
CNBCRohan Goswami


#NEW: Chairman @PatrickMcHenry & @RepFrenchHill release a digital asset market structure proposal with @HouseAgGOP Chairman @CongressmanGT & @RepDustyJohnson in an unprecedented joint effort to provide clarity to the digital asset ecosystem.

McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal | Financial Services Committee
Financial Services Committee

https://twitter.com/financialcmte/status/1664716169591357440?s=12&t=FDKrwCVAUclhs3QkR5w8Bg


Deaton response to new Introduced Crypto Bill
https://twitter.com/AgentSmith_V_3/status/1664403227595399172?t=YLokCK2ZZr8Qxj2EOD5a1A&s=19

Jeremy Hogan
Hours and Days and Weeks and Months of work.
And never asked for a penny.
Hats off to Johnny D. - True American Hero.
https://twitter.com/attorneyjeremy1/status/1663689390625783810?s=12&t=FDKrwCVAUclhs3QkR5w8Bg


The Securities Clarity Act.  
Also known as the:
"XRP holder protecting/Coinbase & Binance relieving/Crypto start-up protecting/USA Pro-innovation/Hinman speech codifying/Stick it to the SEC/  ACT."  
For short. https://twitter.com/GOPMajorityWhip/status/1659291641281146886
https://twitter.com/attorneyjeremy1/status/1664782525862932480?s=12&t=FDKrwCVAUclhs3QkR5w8Bg

Wietse Wind on XRPL

🧵 Why is it always the ETH/EVM ecosystems coming up with new cool features and ideas, and why is the XRPL always playing catch up?

Because of smart contracts.
You don't have to change the entire blockchain protocol: you get a blank canvas, come up a new feature and build it.
https://twitter.com/wietsewind/status/1664255060761518086?s=12&t=FDKrwCVAUclhs3QkR5w8Bg


Ellie Terrett
🚨I want to make the point that this move by @Ripple does NOT mean they're going public tomorrow or even a few months from now. It takes a minimum of 6 months to even prepare an IPO, but this meeting with major Wall Street analysts shows Ripple is getting the ball rolling.
https://twitter.com/EleanorTerrett/status/1664353814755909637
https://twitter.com/eleanorterrett/status/1664367392737173510?s=12&t=FDKrwCVAUclhs3QkR5w8Bg

Neither the @WhiteHouse nor @JoeBiden have expanded on what that $18B tax “loophole” that “crypto bros” are exploiting actually is. 🤷🏼‍♀️
https://twitter.com/CGasparino/status/1664772517977034753
https://twitter.com/eleanorterrett/status/1664777423232147456?s=12&t=FDKrwCVAUclhs3QkR5w8Bg


Warren Davidson
Important thread👇
Central Bank Digital Currency (CBDC) is very different (near opposite) of #bitcoin (and some other cryptocurrencies). While both are digital, one key concept is permission.

If a 3rd party can filter or cancel your transactions, that is permissioned (like…
https://twitter.com/i/web/status/1664311366365134848
https://twitter.com/warrendavidson/status/1664311366365134848?s=12&t=FDKrwCVAUclhs3QkR5w8Bg

Download Warren Davidson video

"We have over 50% of the world's invested capital in our capital markets. But when you look at crypto, 70 to 90% of the liquidity is offshore," @WarrenDavidson says.
"This is not good for our capital formation."
Watch more, presented by @trondao:

Rep. Davidson on Debt Ceiling Outlook, State of Crypto Regulation
The U.S. debt limit deal is approaching a vote in the House, after passing a key test on Tuesday. Rep. Warren Davidson (R-Ohio) joins “First Mover” to discuss the potential impact of the deal and his outlook on crypto regulation in the U.S.
Coindesk Logo


https://twitter.com/coindesk/status/1663931204880551937?s=12&t=FDKrwCVAUclhs3QkR5w8Bg


US SEC to dismiss 42 enforcement cases after internal data mishap

https://twitter.com/famericanspirit/status/1664803965102440448?s=12&t=FDKrwCVAUclhs3QkR5w8Bg

US SEC to dismiss 42 enforcement cases after internal data mishap
The U.S. Securities and Exchange Commission announced Friday it had dismissed 42 pending enforcement cases after discovering enforcement staff had improper access to materials meant for commission officials ruling on those cases.
ReutersPete Schroeder




GemWallet is a Web3 wallet #BuiltOnXRPL that enables you to make fast, secure and cheap payment on the XRP Ledger.
But DYK @gemwallet_app is a past XRPL Grants recipient? 👀
Learn more: https://bit.ly/3ONwiyk

https://twitter.com/ripplexdev/status/1664751387400347650?s=12&t=FDKrwCVAUclhs3QkR5w8Bg