XRP 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.

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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.

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