A senior House legislator is hoping that a recent court verdict generally perceived as limiting the jurisdiction of the US Securities and Exchange Commission could boost support for crypto legislation he has been promoting.
Glenn Thompson, a Pennsylvania Republican who leads the House Agriculture Committee, said Tuesday that he wants to formally present the bill this week with Patrick McHenry, a North Carolina Republican who chairs the House Financial Services Committee.
A federal judge concluded last week that sales of Ripple Labs Inc.’s XRP token were securities — and so subject to the SEC’s jurisdiction — when made directly to institutional investors under signed contracts, but not when made available to the general public on exchanges.
