During a recent CNBC interview, Acting SEC Chairman Mark Uyeda clarified that Bitcoin and Ethereum are not securities, referencing the assessment made by former Chair Gary Gensler.
"My predecessor, Chairman Gensler, has made it pretty clear that Ethereum and Bitcoin are not securities. If involved either of those two, it would not be insider trading because it does not involve the purchase of securities," he said.
However, Uyeda stopped short of clarifying XRP's legal status despite being asked about the token by Andrew Ross Sorkin, the host of the show.
A federal judge previously ruled that the XRP token itself is not a security in a big win for Ripple.
It is worth noting that Gensler has repeatedly dodged questions about Ether's securities status during his term. However, in 2018, former SEC Director William Hinman famously recognized the token as a commodity alongside Bitcoin in his extremely controversial speech.
Tomiwabold OlajideLast month, the San Francisco-based company dismissed its cross-appeal against the SEC, effectively putting an end to the long-lasting legal battle. Prior to this, there was some speculation about the SEC trying to determine XRP's legal status by using the Ether model.
The SEC has also abandoned its appeal against Rippe after dropping a bunch of high-profile enforcement cases. That said, the agency is yet to officially announce its decision.
As reported by U.Today, SEC Chair nominee Paul Atkins recently passed a key confirmation vote in the Senate, which brings him a step closer to spearheading the agency. The incoming SEC head is known for his pro-crypto views.
Vladislav Sopov
Dan Burgin