Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), addressed the XRP case and the recent verdict. A U.S. court ruled that the token is not a security, granting a win for payment company Ripple.
Related Reading: Ripple CEO Garlinghouse Takes On SEC, Calls Them A ‘Bully’ In Wake Of XRP Ruling
The SEC sued Ripple Labs in 2020, accusing the company of violating the regulator’s rules by selling XRP without registering it as a security. The outcome of this case is crucial for the crypto industry setting a precedent that could have consequences for years to come.
Gensler Disappointed Over XRP Case?
While addressing the National Press Club event, Gensler approved the court’s judgment about institutional investors. However, he openly expressed his disappointment with the ruling concerning retail investors. “We’re still looking at it and assessing that opinion,” Gensler said, signaling the SEC’s ongoing deliberation.
Regardless of the court’s ruling, SEC Chair Gary Gensler assured that the regulator’s mission to ensure compliance within the crypto industry remains “undeterred.” He stated that the SEC would persist in its efforts to bring enforcement actions and facilitate the registration of crypto firms, thereby maintaining the “industry’s integrity.” Gensler reiterated:
We’re going to continue to try to bring firms that may not be in compliance into compliance — without prejudging any one of them — and try to ensure that we protect the investing public.
Ripple Ruling – A Mixed Bag For The SEC And The Crypto Industry
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Author: Samuel Edyme
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