- Gary Gensler expressed his disappointment with a judge’s recent decision in the SEC’s case against Ripple.
- Gensler stated that he was “pleased” with the judge’s ruling that determined XRP
’s institutional sales were not unregistered securities sales.
- As SEC Chairman, Gensler emphasized that the commission’s role is to protect and oversee investors, mentioning that they conduct over 700 enforcement actions annually.
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SEC Chairman Gary Gensler expressed his disappointment with Judge Torres’ ruling that XRP is not a security and shared his views on the decision.
Gensler Not Pleased with XRP Decision
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SEC Chairman Gary Gensler expressed his disappointment with a judge’s recent decision in the SEC’s case against Ripple.
Following last week’s ruling that XRP’s planned public sales were not unregistered securities sales, Gensler stated that he was “disappointed” with Federal District Judge Analisa Torres’ decision. He mentioned that the commission is considering legal options to appeal this decision.
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In his first public statement about the case, Gensler stated that he was “pleased” with the judge’s ruling that determined XRP’s institutional sales were not unregistered securities sales. He reaffirmed the SEC’s stance on the crypto market, emphasizing that the commission regularly expresses its position through enforcement actions.
On July 13th, a federal judge determined that XRP is not an unregistered security in the SEC’s case against Ripple Labs.
Gensler’s Views on Crypto Regulation Through Enforcement
The SEC chairman addressed concerns from the public about the recent stringent measures taken towards the crypto market and why the commission prioritizes enforcement actions over regulatory rule-making.
Gensler stated, “That’s what we do,” and added that they have regularly used “enforcement as a way to speak” on issues like insider trading since 1960. He also said, “We are here to protect and oversee investors” and mentioned that the SEC conducts over 700 enforcement actions annually.
Gensler compared the crypto markets to stock trading in the 1920s, stating that crypto is “fraught with fraud and abuse.” He further mentioned that they will continue to bring non-compliant firms into compliance and referred to firms involved in developing cryptocurrencies and exchanges that engage with them.
Gensler acknowledged that both cryptocurrencies and artificial intelligence technology are promising technologies that require regulatory oversight for investor protection. He emphasized that the crypto market needs more regulation than the field of artificial intelligence. He avoided commenting on recent Bitcoin ETF applications and the likelihood of their approval.