SEC v Ripple update: Bitcoin, Ethereum never declared non-securities


Share:
  • The SEC recently changed its 2018 decision, declaring that Bitcoin and Ethereum were never declared non-securities. 
  • According to recent testimony in the SEC vs. Ripple case, the regulator could open an investigation into Ethereum after ongoing litigation. 
  • A US government oversight organization has sued the SEC for handling the Ripple lawsuit. 

The Securities & Exchange Commission (SEC) has revealed that cryptocurrencies such as Bitcoin and Ethereum have not been declared non-securities. The regulator is likely to pursue an investigation into Ethereum once the litigation with Ripple ends. 

Proponents believe the payment giant is closer to a win in the SEC v. Ripple case

US oversight organization EMPOWR has sued the  SEC for the regulator’s handling of the Ripple lawsuit. 

EMPOWR (Empower Oversight Whistleblowers & Research) filed the lawsuit in the Eastern District of Virginia. The organization is a nonprofit educational organization focused on independent oversight of government regulatory agencies. 

The organization alleged that former SEC chairs and directors of regional offices, Jay Clayton, Marc Berger and Bill Hinman, have a massive conflict of interest in the SEC v. Ripple case. 

Further, the SEC has maintained several records in its case against Ripple, and EMPOWR has asked for access to the same in line with the Freedom of Information Act. The watchdog believes that these records have details of former SEC chairs and officials biased against XRP. 

The three SEC officials have left the regulator to join companies that deal in or are associated with Bitcoin or Ethereum. In its ongoing litigation, the crypto community’s proponents have accused the SEC of bias against the payments giant Ripple. 

With the new testimony in the SEC v Ripple case, it becomes clear that the regulator is yet to clarify its stance on whether Bitcoin and Ethereum are securities or non-securities. 

Kevin Cage, a cryptocurrency analyst and investor, is bullish on XRP price. The analyst notes that the altcoin is still in the top 10 after a yearlong battle with the SEC and exchange de-listings. 

FXStreet analysts have evaluated XRP and predicted that the altcoin’s price shows an incoming breakout. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference

Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference

Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.

More Cardano News

Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request

Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request

Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16. 

More Luna Classic News

Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September

Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September

Ripple has a 25% chance of winning its legal battle against  the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory. 

More Ripple News

Why Solana price is primed for 30% rally

Why Solana price is primed for 30% rally

Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.

More Solana News

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend. 

Read full analysis

BTC

ETH

XRP