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SEC Chairman Gensler expresses disappointment over XRP case as US court delivers victory for Ripple
US Securities and Exchange Commission (SEC) Chairman Gary Gensler has commented on the XRP case and the recent ruling. A US court has ruled that XRP is not a security, marking a victory for payments company Ripple. The SEC had sued Ripple Labs in 2020, accusing them of violating the regulator's rules by selling XRP without registering it as a security. The ruling of this case has a major impact on the crypto industry as it sets a precedent that could be of great importance in the years to come. Gensler, in his speech to the National Press Club, criticized the court's ruling...
SEC Chairman Gensler expresses disappointment over XRP case as US court delivers victory for Ripple
US Securities and Exchange Commission (SEC) Chairman Gary Gensler has commented on the XRP case and the recent ruling. A US court has ruled that XRP is not a security, marking a victory for payments company Ripple. The SEC had sued Ripple Labs in 2020, accusing them of violating the regulator's rules by selling XRP without registering it as a security. The ruling of this case has a major impact on the crypto industry as it sets a precedent that could be of great importance in the years to come.
Gensler endorsed the court's ruling regarding institutional investors in his speech to the National Press Club. However, he expressed his disappointment with the ruling regarding small investors. He explained that the SEC is still reviewing and evaluating the ruling. Nevertheless, he emphasized that the regulator's mission to ensure compliance in the crypto industry will continue unhindered.
Gensler said the SEC will continue to take action and facilitate the registration of crypto companies to protect the integrity of the industry. He emphasized that the SEC will force non-compliant companies to comply to protect the investing public.
The ruling regarding Ripple Labs’ XRP token has recently attracted a lot of attention. Judge Torres in New York explained that XRP is a security when it is sold directly to institutional investors under certain written contracts. However, if the token is sold through crypto exchanges, it is not considered a security. This decision has provoked different reactions. The crypto community sees it as a victory for the industry and potentially a game changer for similar cryptocurrencies. Gensler, however, expressed reservations about the court's ruling.
The regulatory development in this case is undoubtedly attracting the attention of investors, companies and observers in the crypto space. The impact on the crypto industry's regulatory landscape continues to be closely monitored.
Meanwhile, XRP has seen a slight 1.3% retracement in the last 24 hours after surging more than 50% over the past week.