Court Ruling on Ripple’s XRP Sales Left SEC Chair Gensler “Disappointed”
The US Securities and Exchange Commission (SEC) Chair Gary Gensler has conveyed his disappointment with the recent decision in the regulator’s continuing Ripple case.
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Gensler Stated That He Was “Disappointed” With The Court’s Ruling
Gensler stated that he was “disappointed” with the result after it was determined that programmatic sales of XRP to public users did not amount to the issuance of unregistered securities. He went on to say that the commission is “looking at it and assessing that option,” suggesting that the decision may be challenged in court.
However, Gensler was “pleased” that the judge determined institutional XRP transactions to be sales of unregistered securities. Additionally, he reiterated his opinion on the cryptocurrency sector, noting that the SEC frequently expressed its position through enforcement actions.
Gensler claimed that the cryptocurrency market is “rife with fraud and abuse” and compared it to stock trading before the adoption of securities rules in the 1920s. A regulatory framework for investor protection is required for both the artificial intelligence (AI) and cryptocurrency industry, he continued, emphasizing that the crypto market requires it more than the AI sector does.
The SEC chair added that they would keep working to bring companies into compliance who may not already be, without passing judgment on any particular one of them. This includes the organizations in charge of creating cryptocurrencies as well as the marketplaces where they are traded.
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