12th April 2025 > > History & Ripple Labs, Inc.
- Mark Timmis
- Apr 12
- 2 min read
tl;dr
The very first crypto-specific legislation has now been signed in the US. The SEC’s case against Ripple Labs, Inc. will likely be canned in the coming days.
Market Snap
Market Wrap
Both CPI and PPI data for the US are heading lower, suggesting that inflationary pressures are abating, and opening a window for further market manipulation of interest rates by the Fed. Truflation – a forward-looking indicator – is already at 1.5%, about half that of other inflation measures. Jerome Powell, Chair of the Fed, is behind the curve once again. The greater risk is one of recession, which might already be upon us, not of inflation.
Curious Cryptos’ Meme Corner – Gotta laugh, if only at myself
Curious Cryptos’ Commentary – History has been made
Two days ago, Trump (yes, him again) signed the first ever crypto-focussed bill into law, which seems a remarkable fact, but there it is:
This bill repeals a previous IRS rule that classified DeFi platforms as brokers, effectively forcing them to identify their clients in the same way as centralised platforms are mandated to do. This was one of the last actions taken by the previous administration, in a forlorn attempt to kill off a key part of the crypto industry within the US. Simply driving DeFi platforms to other parts of the world, but remaining forever accessible to US investors, suggests a lack of careful thought over the issue.
Pleasingly, the vote in the Senate was 70-28 in favour showcasing strong bipartisan support. Meanwhile, in the House, the vote of 292-132 included 76 Democrats voting in favour. The political split over cryptos is starting to crack, which bodes well for future crypto legislation.
The objections raised to the bill mainly focussed on the claim that exempting DeFi platforms from being classified as brokers will lead to greater tax evasion. This may be true, but there is one very easy way of reducing tax evasion. Simply reduce the amount of tax you take from individuals, lowering the incentive to commit tax crime. I wonder why that idea wasn’t considered by those objecting to this commonsense piece of legislation.
Curious Cryptos’ Commentary – XRP
The SEC and Ripple Labs, Inc. have jointly filed to put their respective appeals into “abeyance”.
Ripple CEO Brad Garlinghouse has previously claimed that the SEC will drop its case against Ripple. With Paul Atkins ready to be sworn in as the new Chair of the SEC, there is increasing speculation that he will announce the dismissal of the highest profile anti-crypto case on his first day in office, possibly next week.
That will be a huge win for the crypto industry, and will make Paul very popular indeed, if it comes to pass.
Curious Cryptos’ Commentary – Oh my
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