Ripple CEO Publicly Declares XRP and Certain Altcoins as Non-Securities!
Brad Garlinghouse, the CEO of Ripple, has recently made a statement stating that XRP and ETH should not be classified as securities. This statement has sparked a debate in the crypto community and has also challenged the regulatory perspectives. The implications of such a statement could be significant, given the ongoing regulatory scrutiny faced by the cryptocurrency industry.
Brad Garlinghouse Claims: XRP and ETH are not securities
The ongoing legal battle between Ripple and the SEC has brought the debate about whether cryptocurrency assets should be considered securities to the forefront. Recently surfaced documents suggest that the SEC Chairman considers Ethereum a security, while Ripple’s CEO Brad Garlinghouse maintains that neither XRP nor Ethereum should be classified as securities. This debate has been a point of contention within the crypto community for years.
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Michael Saylor: Bitcoin is the only non-security
MicroStrategy CEO Michael Saylor recently speculated that the SEC would view Ethereum, BNB, SOL, XRP, and ADA as unregistered crypto asset securities. However, Ripple achieved a partial victory in its case against the SEC in July 2023, with the judge ruling that XRP is not a security in and of itself, but some institutional sales were found to be unregistered securities sales.
Consensys’s lawsuit against the SEC reveals interesting information
Interestingly, Ethereum software company Consensys has filed a lawsuit against the SEC, revealing that the SEC believes Ethereum is an unregistered security. Some documents also revealed that the SEC conducted investigations on this premise last year. Consensys is asking a judge to declare that Ethereum is not a security and to block future SEC claims.
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Conclusion
The classification of crypto assets as securities has significant implications for the future of the crypto market. As regulatory bodies continue to scrutinize the crypto market, the outcome of these debates and regulatory decisions could have a significant impact on the industry.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
