Main navigation

Ripple GC: SEC Has Not Labeled XRP Security

Tue, 22/11/2022 - 10:40
Ripple GC: SEC Has Not Labeled XRP Security
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Ripple’s general counsel, Stuart Alderoty, has said that the SEC has not labeled XRP as a security, nor does the agency have the power to do so. He further explained what he meant: "One judge put it this way: the SEC can only ask the question, and the court ultimately answers."


The Ripple general counsel was reacting to a New York Times report on SEC Chair Gary Gensler in the wake of the FTX collapse.

Alderoty responded to a statement in the report that stated that XRP had dropped in the rankings since the SEC labeled it as a security.

CryptoLaw founder John Deaton, commenting on Alderoty’s post, made it known that only the court could label XRP as a security.

"Let me add that the SEC itself acknowledged that it does not determine whether an asset is a security — only the Court," he wrote.

After the collapse of FTX, Gary Gensler remains at the center of the discourse on crypto regulation. Gensler has fined several cryptocurrency companies for securities violations during his 19 months as SEC chairman, with some of the penalties reaching $100 million.

The Howey Test, a legal analysis that was defined by the Supreme Court in 1946, serves as the basis for Gensler's claims that most cryptocurrencies were securities.

Ripple's Defense in SEC Lawsuit Might Be Crypto's Best Chance: Stuart Alderoty

The cryptocurrency sector has responded that the SEC is attempting to cram digital currencies into an antiquated framework.

The NYT report stated that the outcome of the Ripple lawsuit, which the SEC filed in December 2020, may ultimately determine how much of Gensler's agenda is accomplished.

The outcome will also draw attention in Congress, where several bills related to cryptocurrencies were introduced this year.

The collapse of FTX has prompted greater scrutiny. Screenshots of Gensler's public meeting schedule, which indicate many meetings with FTX founder Sam Bankman-Fried, have been making the rounds on Twitter and have put him at the center of the present discourse.


Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles