Claim $500XRP Lawyer Exposes History Behind Gary Gensler Bitcoin Support
XRP News: Amid much debate over the comments by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, the crypto market responded sharply. Although the SEC chair has a long history of association with the digital assets industry, he is largely perceived as a skeptic of cryptocurrencies. However, he recently made it clear that the US regulators could favor Bitcoin as a commodity while all other cryptocurrencies would be deemed as securities. Already, the ongoing SEC Vs XRP lawsuit is based on the same argument while Ripple contests SEC’s argument that XRP was sold as an unregistered security.
Also Read: AI Crypto Token SingularityNET (AGIX) Well Placed For Another Bullish Wave?
Under the Commodity Exchange Act (CEA), Bitcoin has been determined to be a commodity by the US Commodity Futures Trading Commission (CFTC). The SEC under Gensler have in the past too revealed plans to bring Bitcoin under the CFTC’s purview while itself overseeing regulation around other cryptocurrencies.
The Bitcoin Spot ETF Application
While the crypto community debates the statement that all other cryptocurrencies are securities, XRP lawyer John Deaton reminded that the SEC is still yet to approve the Bitcoin sport ETF applications. After rejection of its spot ETF application, Grayscale is fighting it out with the SEC in courts over allowing for futures ETF. Referring to Gensler, he said the SEC chair was the same person who prevented a spot Bitcoin ETF while allowing both futures and short ETF.
Also Read: XRP Whale Alert: Over 600 Mln XRP Tokens Moved As Price Dips
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Another U.S. Government Shutdown Looming JAN 31? Congress Left Town With No Deal
- Are XRP and Midnight Ahead in Tokenization? Cardano’s Hoskinson Sparks Debate Amid Canton Push
- Breaking: U.S.-China Tensions Heat Up as China Imposes New Sanctions; Bitcoin Falls
- BlackRock Hints at a Big Sell-Off As $27B In Crypto Options Expire
- Aave DAO vs Labs: Aave Founder Pledges Clearer Economic Alignment as DAO Rejects Brand Asset Transfer
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
