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XRP Community Reacts as SEC Chair Avoids Discussing Ripple Case

Fri, 07/28/2023 - 17:05
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Tomiwabold Olajide
SEC chair Gary Gensler avoids discussing Ripple case specifics in Bloomberg interview
XRP Community Reacts as SEC Chair Avoids Discussing Ripple Case
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James Seyffart, a Bloomberg intelligence runner, draws attention to the seeming fact that SEC chair Gary Gensler avoided discussing the specifics of the Ripple case in a recent Bloomberg interview.

Seyffart wrote on Twitter: "Bloomberg TV just interviewed Gensler for 10 minutes. Obviously, crypto was a topic. But Gensler didn't really give a ton of meaningful or new insight. He mostly refused to discuss specifics for the ripple case or for Bitcoin ETF filings."

The recent Ripple ruling was brought up in a Bloomberg TV interview moderated by Bloomberg reporter Kailey Leinz. Gensler was asked about his opinions on the Ripple verdict as well as if the agency planned to appeal it.

The discussion raised by Bloomberg reporter Kailey Leinz goes thus: "A ruling that was made in the Ripple case that XRP is only a security when sold to institutional investors, not so with retail investors. I know you've previously said you were disappointed by that ruling, and the SEC also said that it intends to seek further review. Does that mean you’re going to appeal it? Can you elaborate on your thoughts around that ruling?"

In response, the SEC chair was evasive, preferring not to reveal the agency's next move.

According to Gensler, he is one of five commissioners. As a result, he has no say over whether the SEC will appeal the verdict. He also stated that the SEC will discuss the staff's recommendations.

"I'm one of five commissioners. The commissioners have not acted on that. If the staff makes a recommendation, we will have a discussion about it, and we’ll take it up there. I don't have anything more on that," Gensler stated.

Ripple Chief Legal Officer Says Company Ready for Likely SEC Appeal

A vocal XRP community member who goes by the name Mr. Huber on Twitter reacted by saying the chances of an appeal might not be 100% certain given the SEC chair's recent comments.

"If I hear Gary's recent statement, I think it isn't so 100% sure they are going to appeal the decision like the Maxis cry. Not by far," he tweeted.

In a nod to the past, the judge in the Ripple case determined on July 13 that XRP sales to retail investors did not qualify as securities, although those to institutional investors did. The SEC expressed its disappointment with the Ripple verdict in a recent filing in the Terra/Do Kwon case and suggested that it was exploring an appeal.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.