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XRP News: XRP Lawyer To Testify In On Crypto Policy

XRP News: XRP holders’ lawyer in the long running legal battle between US SEC and Ripple, John Deaton is likely to testify before a Maine Financial Services Committee public hearing scheduled for Tuesday. This is said to be the first ever public hearing on cryptocurrencies in the Maine Legislature. The lawyer’s name was recommended when Senator Eric Brakey asked for suggestions on whom should speak to the committee.

The bill, L.D. 990, would authorize private financial institutions in Maine to accept deposits of cryptocurrencies (like Bitcoin) with 100% reserve requirements.

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The bill will be placed to “authorize state special purpose depository institutions for digital assets.” Deaton’s hearing would be interesting considering his constructive inputs towards a clear path for crypto regulation. The XRP lawyer had in recent times heavily criticized the U.S. Securities and Exchange Commission’s (SEC) enforcement actions targeting crypto companies. In fact, Deaton said the SEC was in plans to initiate around 200 enforcement actions on crypto businesses over the next two years. Read More XRP News Here…

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XRP lawyer’s testification comes in when the US SEC Chair Gary Gensler in a recent hearing before the House Appropriations Committee requested $2.436 billion for the agency’s operation.