The chair of the Securities and Exchange Commission (SEC), Gary Gensler, has expressed his disappointment at the recent Ripple (XRP) ruling.
At the core of the case was the SEC’s belief that XRP, Ripple’s own cryptocurrency, was a security. Ripple argued that XRP did not meet the criteria for an investment contract. Although, the federal judge in New York did find that XRP was a security when sold to institutional investors. Even so, the coin was not one when trading on public exchanges like Binance and Coinbase, according to the same judge.
SEC Will Not Change Its Strategy, Says Gensler
At a National Press Club event on Monday, Gensler said he was pleased about that part of last week’s decision regarding institutional investors. But the part of the ruling concerning public exchanges left him “disappointed,” Bloomberg reported.
What does the SEC mean by the term “security”? What Is the Howey Test and How Does It Impact Crypto?
The chair also doubled down on the agency’s aggressive litigation strategy against crypto firms. Last month, the SEC sued two of the biggest players in the industry, Binance and Coinbase, for violating securities laws.
“We’re going to continue to try to bring firms that may not be in compliance into compliance — without prejudging any one of them,” he said.
Congress May Rewrite Crypto Rules
Last week’s landmark prompted widesp
Go to Source to See Full Article
Author: Josh Adams
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
