Ripple CEO Brad Garlinghouse has praised the Democrat and Republican legislators for their efforts to achieve a comprehensive crypto bill named DECA. His remarks were in response to a bipartisan campaign to shift crypto regulation to the US Commodity Futures Trading Commission (CFTC) rather than having it with the Securities and Exchange Commission (SEC). In a Tweet on Saturday, the ripple CEO informed that a bipartisan leadership approach by the USA Congress on regulatory clarity on crypto was really needed.
The DCEA is back in action! 📣
Congress taking a bipartisan leadership stance on regulatory clarity for crypto is EXACTLY what we need. https://t.co/aYjRKeFXdx
— Brad Garlinghouse (@bgarlinghouse) April 30, 2022
Conflict in the newly proposed crypto bill DECA
Defining the nature of cryptocurrency has been a source of debate. In the newly proposed Digital Commodity Exchange Act (DECA), lawmakers have proposed to define cryptocurrency as a digital commodity rather than a security. It is also the core subject of a two-year court struggle between Ripple and the SEC. Since the Ripple is struggling with SEC, the Ripple CEO has regularly criticised the SEC for impeding progress toward US crypto legislation, as well as accusing the agency of hypocrisy in its methods.
The bill proposes that cryptocurrency exchanges will register with the CFTC. The bill comes in the midst of mounting criticism of the SEC’s handling of cryptocurrency legislation.
The forthcoming DECA legislation has the support of both Democratic and Republican Representatives. It is marking one of the rarest events in history when both parties set aside their differences and work together on legislation. The move is also consistent with the decentralised structure of cryptocurrency, which is excellent for being placed above politics.
