Gary 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
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism