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SEC Chairman Gurbir Grewal recently made some waves in the cryptocurrency market when he clarified that ether (ETH) is not a security under the Securities Exchange Act of 1934. This statement has raised questions about the legal status of Ripple’s native token, XRP.
While the SEC Chair did not explicitly address the issue during his appearance on Squawk Box, the implications are clear: if ETH is not considered a security, it would likely mean that other tokens and coins, including XRP, would also be exempt from securities regulations. However, this does not necessarily mean that XRP or any other token or coin would be completely unregulated.
The statement was made during an interview with Andrew Ross Sorkin on CNBC’s Squawk Box. When asked about the legal status of XRP, Chairman Grewal stopped short of providing a clear answer, stating only that “if involved either of those two [ETH and ether], it would not be insider trading because it does not involve the purchase or sale of securities.”
While this lack of clarity has led some to speculate that the SEC may potentially reclassify XRP as a security in the future, there is currently no concrete evidence to suggest this will happen.
It’s worth noting that Ripple had previously dismissed its cross-appeal against the Securities and Exchange Commission (SEC), effectively bringing an end to the long-standing legal battle.
Source: https://u.today/acting-sec-chair-says-ether-is-not-a-security-what-about-xrp
