SEC v Ripple update: Bitcoin, Ethereum never declared non-securities
- The SEC recently changed its 2018 decision, declaring that Bitcoin and Ethereum were never declared non-securities.
- According to recent testimony in the SEC vs. Ripple case, the regulator could open an investigation into Ethereum after ongoing litigation.
- A US government oversight organization has sued the SEC for handling the Ripple lawsuit.
The Securities & Exchange Commission (SEC) has revealed that cryptocurrencies such as Bitcoin and Ethereum have not been declared non-securities. The regulator is likely to pursue an investigation into Ethereum once the litigation with Ripple ends.
Proponents believe the payment giant is closer to a win in the SEC v. Ripple case
US oversight organization EMPOWR has sued the SEC for the regulator’s handling of the Ripple lawsuit.
EMPOWR (Empower Oversight Whistleblowers & Research) filed the lawsuit in the Eastern District of Virginia. The organization is a nonprofit educational organization focused on independent oversight of government regulatory agencies.
The organization alleged that former SEC chairs and directors of regional offices, Jay Clayton, Marc Berger and Bill Hinman, have a massive conflict of interest in the SEC v. Ripple case.
Further, the SEC has maintained several records in its case against Ripple, and EMPOWR has asked for access to the same in line with the Freedom of Information Act. The watchdog believes that these records have details of former SEC chairs and officials biased against XRP.
The three SEC officials have left the regulator to join companies that deal in or are associated with Bitcoin or Ethereum. In its ongoing litigation, the crypto community’s proponents have accused the SEC of bias against the payments giant Ripple.
With the new testimony in the SEC v Ripple case, it becomes clear that the regulator is yet to clarify its stance on whether Bitcoin and Ethereum are securities or non-securities.
Kevin Cage, a cryptocurrency analyst and investor, is bullish on XRP price. The analyst notes that the altcoin is still in the top 10 after a yearlong battle with the SEC and exchange de-listings.
I’m tired of retweeting $XRP de-listing posts
Can’t wait to see all the re-listings someday
Any other crypto asset would probably never survive this type of scrutiny.$XRP the
Still in Top 10 After One Year of Battling the Final Boss (SEC).
— Kevin Cage (@Kevin_Cage_) December 13, 2021
FXStreet analysts have evaluated XRP and predicted that the altcoin’s price shows an incoming breakout.