Ripple Submits Crypto Regulation Proposal Amid New Bill

• Ripple has submitted a crypto regulation proposal in conjunction with the Eliminate Barriers to Innovation Act.
• The proposal aims to include crypto companies in the decision-making process regarding crypto regulation.
• Recently, US President Joe Biden signed a new bill that affects US-based crypto exchanges.

US-based Ripple recently submitted a new proposal in conjunction with the Eliminate Barriers to Innovation Act (H.R. 1602). Specifically, Ripple proposes that the government would form a working group regarding crypto regulations.  

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This group will be composed of government entities such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Also, Ripple proposes to include private companies in the fintech sector.

Currently, H.R. 1602 has passed the House and is under review of the Senate.

Ripple published their opinion after US President Joe Biden signed the new infrastructure bill, which affects cryptocurrency trading in the country. As per the bill, US-based crypto exchanges will need to reveal the earnings of traders to authorities, which will later be subject to tax.

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