Senator Cynthia Lummis of Texas raised the need for clear regulation following the XRP verdict.

Senator Loomis spoke while commenting on a question from Judge Analisa Torres regarding the XRP judgment. She said the ruling highlighted the need for a clear regulatory framework for cryptocurrencies.
A longtime Bitcoin supporter, Senator Loomis emphasized the importance of the cryptocurrency framework needed to support crypto innovation.
Loomis also mentioned the importance of maintaining the Howey test to assess whether an investment is a security. She referred to the Lummis-Gillibrand initiative, which she co-sponsored with Senator Kirsten Gillibrand.
The main goals of the proposal are to provide clarity for digital assets, establish a regulatory framework, and make it compliant with the interpretation of the Howey test.
Senator Loomis’ actions are significant in the context of the legal dispute between Ripple Labs and the SEC. This may set a precedent for shaping the regulatory environment for digital assets in the United States.
The lack of clear guidelines hinders innovation and economic expansion in the blockchain technology space.
Given the ruling in Ripple's favor, how Congress responds to Loomis' call remains uncertain.
However, lawmakers are increasingly aware of the significant economic growth, technological advancement, and financial inclusion that crypto markets can provide.
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