Overview

• The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple and Coinbase is joining the ranks to fight on behalf of the entire cryptocurrency space.
• The House Financial Service Committee has released a draft bill to regulate stablecoin issuers, stating that stablecoins are not securities and are not subject to SEC regulation.
• SEC Chair Gary Gensler continues to dodge questions regarding whether Ethereum (ETH) is security. XRP price hit reverse this week and is currently trading at $0.45.

Ripple Vs SEC

The widely publicized lawsuit between Ripple Labs Inc., its affiliates, and the United States Securities and Exchange Commission (SEC) is now gaining steam as the community awaits impatiently for the judge to render a decision. Coinbase has joined the ranks of Ripple, which is fighting on behalf of the entire cryptocurrency space. Youtuber Zach Rector explained the best-case scenario for the SEC and added that a settlement may soon be on the cards amid a heavy backlash against SEC chair Gary Gensler.

Stablecoin Regulations

The House Financial Service Committee has released a new draft bill to regulate stablecoin issuers. The proposal mandates that stablecoin issuers be authorized and subject to regulation, while also stating that stablecoins are not securities and are not subject to SEC regulation. This could provide clarity in regards to crypto regulations in general, including those related to Ripple’s case with the SEC.

Gensler’s Appearance Before US House of Representatives Financial Services Committee

During his recent appearance before the US House of Representatives Financial Services Committee, Gensler continued to dodge questions about whether Ethereum (ETH) is security or not – something he will likely have difficulty avoiding if Ripple’s case continues down its current path without resolution through settlement or other means.

XRP Price Hits Reverse

This week marked a slow start for XRP as it climbed up early in the week but then quickly hit reverse button after hitting an early high of $0.48499 without any updates in regards to Ripple’s case with the SEC piquing interest from traders or investors alike . At time of writing, XRP is down by more than one percent and trading at $0.45

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