Ripple, the SEC, and Capitol Hill
SEC Chair Gensler and US lawmakers were in prep mode ahead of a US Financial Services Committee Hearing, where all five SEC Commissioners will give testimony.
In a recent CNBC interview, SEC Chair Gary Gensler targeted the US digital asset space, warning that the field is rife with fraudsters, scammers, and grifters. Discussing crypto regulations, Gensler continued to reject claims about a lack of regulatory clarity, saying that US securities laws have given clarity for 90 years.
On Thursday, Republican Congressman Ritchie Torres targeted the SEC, noting that the phrase, “digital asset security,” is absent from congressional laws, SEC rules, and Supreme Court rulings. Congressman Torres concluded,
“The SEC invented the term out of thin air.”
SEC Chair Gensler’s reference to US securities laws suggested the agency will continue to target crypto firms and possibly appeal rulings in the SEC vs. Ripple case. Uncertainty surrounding SEC plans to appeal continued to peg XRP below $0.60.
From Monday, September 16, to Saturday, September 21, XRP was up 1.98% to $0.5834, underperforming the broader crypto market.
