Ripple Labs has welcomed the White House's new digital assets report, which could promote regulatory clarity in the industry.
Ripple's Stance on the New Report
Ripple's Chief Legal Officer, Stuart Alderoty, praised the report released on July 30 by the Working Group on Digital Asset Markets, calling it 'a blueprint for action' for the industry. Alderoty emphasized that the document includes crucial proposals for regulatory improvement, urging Congress and federal agencies to act promptly.
Impact of the Report on the Cryptocurrency Market
The report supports the CLARITY Act and calls for clear rules for the cryptocurrency market structure, highlighting the necessity of enhanced consumer protections. It also emphasizes that the SEC and CFTC should clarify digital asset classification and custody requirements, which could strengthen Ripple's position in ongoing legal disputes over the status of XRP.
Significance of the Court Update for Ripple
As regulatory momentum builds, Ripple's case against the SEC enters a critical phase. A joint status report is expected to be filed on August 15, which may influence future negotiations. Former SEC lawyer Marc Fagel noted that this is not a final deadline, allowing for new approaches and discussions.
The new White House report creates conditions for potentially strengthening Ripple's position in the context of the ongoing legal battle and the overall situation in the crypto industry.
