NewsletterGary Gensler Will Repeat Lies On XRP In Hearing: Ripple Legal Chief
Ripple legal chief Stuart Alderoty predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will continue to lie about the legal compliance around XRP under securities laws during the U.S. House of Representatives Committee on Financial Services hearing on September 27, 2023.
Also Read: US SEC Delays ARK Spot Bitcoin ETF Filing; Blackrock Decision Soon?
XRP: Securities Market
The SEC Chair is known for imposing US securities laws on crypto assets while the market participants have long argued that the existing rules were not compatible for the new asset class. In the context of the recent Summary Judgment delivered by judge Analisa Torres, Alderoty said cryptocurrencies come under the crypto asset securities market. In July 2023, the judge ruled that the sale of XRP tokens to retail buyers does not qualify as being a securities asset.
“The SEC Chair will go to Congress tomorrow and lie by stating that there is such a thing as a “crypto asset securities market” and tokens themselves are investment contracts.”
Earlier in September 2023, the SEC Chair commented during a Senate committee hearing that the crypto industry is rife with fraud and misconduct. Alderoty quoted a part of the Summary Judgment: “XRP, as a digital token, is not in and of itself a contract, transaction or scheme that embodies the Howey requirements of an investment contract.”
No Crypto Lawsuit Questions?
In the pre-hearing testimony, Gary Gensler noted that he would not be able to comment on any active and existing lawsuits. This essentially rules out comments on XRP lawsuit and the status of spot Bitcoin ETF conversion application in relation to the Grayscale lawsuit.
Also Read: Gary Gensler Hearing: US SEC Chair Seeks To Avoid XRP Lawsuit Questions
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
- Crypto Exchange HashKey Set to Open Investor Orders for $200M IPO, Eyes December Listing
- Just-In: Elon Musk’s SpaceX Moves Another $100M in Bitcoin, What’s Happening?
- Why is Crypto Market Down Today (Dec 5)?
- US PCE Inflation: Wall Street Estimates, Expert Insights, What Crypto Market Can Expect?
- Seed Funding Vs Series A – Key Differences Explained
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
- Aster Price Outlook as Buyback Wallet Burns 77.86M ASTER Worth $79.81M
- What’s Next for Dogecoin Price After Whales Scoop 480M DOGE?
- Can Solana Price Bounce Back to $200 by End of 2025?
- Cardano Price Prediction Ahead of Midnight Sidechain Launch — Is ADA Headed for $0.85?
- Sui Price Eyes $2+ as SEC Approves First 2X Leveraged SUI ETF
