The requirement of complete regulatory transparency in the matter of crypto assets has been the center of attention for a long time. Indeed, this has been quoted as a usual complaint specifically on the behalf of the consumers and the businesses and the entities working in the United States. Because of this, not only some crypto businesses have shifted abroad but also other individuals are seeing themselves as the focal point of the regulatory agencies as well.
Ripple Labs, based in San Francisco, is one of the aforementioned agencies utilizing blockchain and now this company and its administrators as a whole are defending themselves against the lawsuit which SEC filed in December. Nonetheless, it is notable that the organizers of the firm did think of moving abroad as an appropriate option, though for a little time.
At the time, when the defendants and many of the crypto-community people are accusing the lack of transparency in the United States’ regulations, the lawmakers come under the question. Warren Davidson of Ohio is one of the few who have been verbal on the topic. Recently, the Republican also came on Bloomberg and discussed the above-mentioned lawsuit by stating that he was pleased knowing about the meeting between the regulators and the President as the crypto space required some attention.
The present financial regulations across the country have been sluggish containing some being out of order and unable to run along with Fintech’s advanced technology. He further added that the congressman also moved forward to the instance of the Howey Test of XRP and related it to the question if a thing is a security or not to prove his point by saying that the exercise of a lot of control might show some sort of security but if genuinely a firewall exists in the system then it does not look like a security.
Davidson has already dipped his toes into the crypto before this just a week ago after attending the Bitcoin 2021 conference when he mentioned that the U.S. Dollar was being Dogecoined by Fed. Previous to that, he mentioned Bitcoin (BTC) as a large stock of value after which a bill was proposed by a Republican named Token Taxonomy Act of 2021 to ensure more transparency in the crypto field.