The US regulator recently changed its 2018 decision designating the two cryptocurrencies not to be securities in the continuing case between the SEC and Ripple, according to Charles Gasparino, senior correspondent at fox business network. According to him, the new SEC argument by Gary Gensler is also diametrically opposed to former chair Jay Clayton’s regulatory approach. Furthermore, he says that the aforementioned approach may have been geared to confirm Bitcoin and Ethereum as legal cryptos, based on recent testimony in the Ripple vs. SEC case.
Charles Gasparino on XRP VS SEC
Gensler appears to be waiting for the outcome of the Ripple litigation before revealing his view on Ethereum, according to Gasparino. The commission’s recent argument has revealed that the SEC may go after Ether because it has stated that it has never officially referred to it as a compliant crypto asset.
While Gasparino appears to be kicking off a lively discussion on the compliance status of Ethereum, Bitcoin, and XRP, there are many who disagree with his assertions. Some claim that the cryptocurrencies in question, particularly Bitcoin, were never intended to be securities in the first place.
This emphasizes the fact that Bitcoin is not a security. There appear to be conflicting signals in the case of ETH. According to one respondent, the SEC has been ghosting and has not made a clear decision on whether ETH is a security or not.
Ripple has been battling the regulatory agency in court for months, and it’s unclear what the final verdict will be or how it will affect the cryptocurrency space in the future.