The bill outlines the jurisdiction of the country’s two main financial regulators. Committee Chair Republican John Boozman emphasized that the CFTC is the right body to oversee digital commodity trading, highlighting the importance of investor protection and market clarity. Democratic Senator Cory Booker noted that the draft gives the CFTC new powers over digital commodity spot markets and ensures that retail investors benefit from enhanced protections.

Key Goals: Clear Regulatory Boundaries

The draft bill also addresses common crypto terms such as “blockchain,” “decentralized finance,” and “DAOs,” clarifying how they fall under the Commodity Exchange Act. However, several sections remain in brackets, signaling that they are still open to change. This reflects ongoing negotiations, particularly regarding regulatory responsibilities shared with the Senate Banking Committee.

Minority members of the committee argue that the Agriculture Committee lacks jurisdiction over certain technical areas. They propose working with the Banking Committee on issues related to blockchain developers and service providers. The Banking Committee oversees the SEC, managing the securities-related sections of the bill.

Notably, the draft aligns with the CLARITY Act, passed by the House in July. CLARITY establishes the CFTC as the central authority in digital asset regulation, ensuring a unified market framework.

Crypto Industry Groups Support the Draft

Crypto advocacy group Crypto Innovation Council CEO Ji Hun Kim called the release of the draft a “meaningful step toward a comprehensive and purpose-driven market structure for digital assets in the US.” Coinbase’s lobbying arm, Stand with Crypto, described the bill as a key step toward the “common-sense regulatory framework” the industry has long requested.

Community Director Mason Lynaugh stressed that the Senate should act quickly and deliberately. He added that investor confidence and market stability depend on clear rules, positioning the US as a global standard-setter in crypto regulation.

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New York City Mayor Eric Adams announced the formation of a Digital Advisory Council aimed at steering policy, attracting investment, and building a sustainable crypto ecosystem.

Crypto Is Not a Trend, It’s the Future

At the NYC Crypto Summit on May 20, Adams emphasized that the initiative goes beyond fleeting trends. “This is not about chasing memes,” he said, “but about using the technology of tomorrow to improve lives today.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The advisory group will focus on integrating blockchain technologies into city operations, including sensitive data management like birth and death certificates. The mayor underscored the value of data security and accessibility for New Yorkers.

Exploring Crypto Payments for City Services

Adams also revealed that the city is exploring the possibility of allowing taxes and public services to be paid with cryptocurrencies such as Bitcoin and Ethereum. Strategic partnerships with financial firms like Figure, Traction, and Scale have already been established.

Meanwhile, New York State lawmakers are considering bills that would allow agencies to accept crypto payments and establish broader crypto oversight. One such proposal—the Blockchain Study Act—would create a dedicated task force to assess the local crypto ecosystem.

Adams’ Crypto Legacy and Vision

Since taking office in January 2022, Adams has championed digital assets, even receiving his first three paychecks in Bitcoin. Although he faced legal scrutiny over alleged foreign donations, the case was dismissed in April.

Now, Adams is doubling down on his vision to turn New York into a global leader in crypto innovation—a move watched closely by policymakers and tech investors alike.

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The ongoing XRP lawsuit between Ripple and the SEC has reached another critical point. U.S. District Judge Analisa Torres of the Southern District of New York rejected the joint motion for a ruling and settlement submitted by both parties. Hopes for a swift resolution have been temporarily delayed. 

Ripple and the SEC had requested the $125 million penalty be reduced to $50 million and certain obligations to be lifted. However, the court found that this motion was not properly filed. 

Court Speaks Clearly: Procedural Errors Determine the Outcome 

Judge Torres referred to Federal Rule of Civil Procedure 60(b). The parties failed to consider this rule in their submissions. This rule only allows exceptions under extraordinary circumstances. Therefore, the court stated it could not review the motion. Additionally, presenting the requests as a settlement did not simplify the process. The court emphasized its duty to consider the public interest. The parties’ expectations were not met. 

Defense attorney James Filan explained on social media that the decision was based on procedure. According to him, the requests were not rejected but were dismissed due to incorrect filing. Meanwhile, legal expert Fred Rispoli warned about the process ahead. He said Ripple and the SEC would refile their motion properly. However, this time, the court must be convincingly persuaded of the public interest. 

XRP Price Drops 

Following the decision, XRP experienced a sharp decline. Losing over 4%, XRP fell to around $2.45. Naturally, this caused anxiety among investors. The prolonged lawsuit has reduced short-term market confidence. Ripple’s Chief Legal Officer, Stuart Alderoty, stated that the ruling does not affect the determination that XRP is not a security. He also emphasized that both parties agreed on the settlement and will revisit the court process. 

Legal analysts MetaLawMan and Bill Morgan also issued warnings. Both believe it has become more difficult for judges to overturn previous rulings. This means the case will become more complicated for Ripple and the SEC. 

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The post Court Rejects Ripple and SEC: Will the XRP Lawsuit Continue?  appeared first on Coin Engineer.