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Ripple presents itself as something much more than XRP Coin, but they are essentially the same, and the lawsuit process forced them into this. The company tried to isolate itself from the token but failed to convince the SEC. Since the end of 2020, they have been trying to persuade the court. The legal start of the altcoin securities puzzle began with XRP Coin, so what is happening now?
Ripple Statements
SEC Chairman Gensler made important statements today. He said he hopes the ETH ETF launch will happen before the end of summer and reiterated his previous statements about crypto. The institution, which now avoids labeling ETH as a security and reversed this with its ETF approval decision, is doing other things.
Gensler personally still argues that many cryptocurrencies, including ETH, are securities. However, what matters here is how the institution views this. In the second part, we will move on to FIT21 and other details, but first, we should listen to Ripple’s Chief Legal Officer. He recently wrote the following.
“Gensler repeated the nonsense that crypto is a bunch of Wild West outlaws. Despite this,
the SEC can say this while facing court defeats, bipartisan rebukes in Congress, and the votes of over 50 million crypto owners at risk. Gensler maintains his determination to kill crypto in the US.”
Ripple CLO Stuart Alderoty was highly stressed by Gensler’s latest statements.
Elections, FIT21, and Gensler
We mentioned that the SEC, as an institution, no longer sees Ether as a security. However, Gensler still advocates this, and the institution maintains its stubborn stance on other altcoins. However, FIT21 received bipartisan approval in the House of Representatives, and if it becomes law, the CFTC will have the right to determine which altcoins are commodities. This will eliminate the conflict between institutions. This bill received support from both parties.
Regarding the elections, as Stuart pointed out, there are tens of millions of voters in the US with crypto investments. These voters, who made Biden back down, could determine the outcome of the election. In the November 2024 elections, where even half a percentage point will be significant, Biden does not want to clearly oppose crypto investors.
Trump, on the other hand, is increasingly embracing crypto investors. However, it is also possible that Trump could later claim he said all this to sell the US government’s BTC holdings at a higher price to boost the country (after being elected and making the sale). Crypto is always full of surprises.
