Following the Ripple court ruling, SEC Chairman Gensler said he was “disappointed” with the decision, and that the regulator was still “taking a look at” the decision.
US Securities and Exchange Commission (SEC) Chairman Gary Gensler revealed his thoughts about the court ruling, which declared XRP was not a security when sold on crypto exchanges, but was a security as far as institutional sales of the asset were concerned.
Speaking at an event hosted by the National Press Club on Monday, the SEC chairman said he was pleased with the decision that recognised the importance of protecting investors, while simultaneously disappointed with the court’s view regarding XRP’s sale to retail investors.
He said “we’re still looking at it and assessing that opinion”.
🔥 Gary Gensler refuses to answer why a Spot Bitcoin ETF has not been approved. $btc #btc #bitcoin #crypto #blockchain pic.twitter.com/p2eX9WzxuN
— Cryptic Poet (@1CrypticPoet) July 17, 2023
We’re going to continue to try to bring firms that may not be in compliance into compliance — without prejudging any one of them — and try to ensure that we protect the investing public,” he added, calling the crypto field one that was “rife with fraud and abuse.
When asked about whether the SEC had taken a ‘regulation by enforcement’ approach towards the crypto space rather than create rules and guidelines as is the case in Europe (MiCA), Gensler said that security investment requires certain protections to be in place.
The SEC’s Gary Gensler has made several rules regarding special purpose broker dealers, exchanges, and the custody of crypto assets.
We’ve spoken through, also, various enforcement actions and it is something we do. The way we protect the market against insider trading from the 1960’s to now has been speaking to the market on a somewhat regular basis through enforcement actions.
The US Securities and Exchange Commission’s reputation is on the line, however, as it has repeatedly denied every Spot Bitcoin ETF application that’s ever been submitted, while approving riskier futures financial products.
Additionally, the ongoing back and forth between Grayscale and the SEC in regards to a GBTC-ETF conversion has also raised eyebrows as to what is actually going on behind the scenes. In a ‘What Bitcoin did’ interview with Peter McCormack, Bitcoin Magazine CEO David Bailey said that Barry Silbert has a vested interest in keeping the crusade going on forever while raking in 4% fees p.a. in Bitcoin.
This makes the actions of both Digital Currency Group (DCG) and the Securities and Exchange Commission suspect. Is investor protection really the issue, and is DCG truly pursuing a conversion for its flagship crypto products, or is it all window dressing?
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