Crypto News: The intense grilling of US Securities and Exchange Commission (SEC) Chairman Gary Gensler before the House Financial Services Committee was a welcome move for the crypto market. The criticism Gensler faced during the hearing could even serve as confirmation of the long-awaited demand for regulatory clarity in the crypto market space. The lawmakers not only questioned the status quo, but also sought Gensler’s opinion on the legal framework behind crypto assets.

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Several members of Congress expressed the need for an immediate resolution of the regulatory issues surrounding the trading of cryptocurrencies in the United States. Therefore, it is possible that Gensler will see more such Congressional hearings in that pursuit. But whether such hearings will further delay the outcome of the legal route in crypto-related litigation remains to be seen.

Ripple Lawsuit Summary Judgment Delay

Following the Ripple Vs SEC lawsuit ruling in March 2022, experts have predicted that the summary judgment could appear anytime before May 6, 2020, marking a 60-day window. However, it is highly unpredictable when Judge Analisa Torres will deliver the verdict, especially after the Gary Gensler Congressional hearing sparked widespread debate in the mainstream. XRP influencer Mr. Huber said there could be many more congressional hearings of the SEC chairman before the summary judgment.

“I think it’s likely there will be several congressional hearings from Gensler and his successor before Torres even starts working on her verdict.”

Overall, the impact of the Congressional hearing on the Court rulings cannot be overruled, in favor of Ripple and the 76,000 XRP holders.

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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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