The new lawsuit filed by investors against Ripple is based on the amended version of the SEC’s guidance on cryptocurrencies and has good chances for success. Moreover, the XRP token can be qualified as a security.
The new document is aiming to free cryptocurrencies from double taxation. The draft bill introduced by Representative Ted Budd (NC-R) is currently under consideration of the United States House Committee on the Budget awaiting approval.
The U. S. Congress will discuss the actualized parts of the Securities Act of 1933 and the Securities Act of 1934 which were amended by Rep. Warren Davidson, Ohio, in regard to the taxation of cryptocurrencies.
The new guidance includes all the recommendations about securities which can be applied to tokens, the Securities and Exchange Commission (SEC) considers.
The head of U.S. securities and exchange commission (SEC) William Jay Clayton considers that Ethereum cannot receive the status of the security due to its capitalization.