US Securities and Exchange Commission (SEC) Chairman Gary Genslern made some weighted comments during an exclusive interview with Yahoo on the recent ruling from U.S. District Court (Southern District Court of New York). Judge Analisa Torres ruled that while the sales from Ripple towards institutional investors were indeed a violation of the US Securities laws, sales made to companies through virtual currency exchanges was fine, effectively admitting XRP itself was not a security.
The news was met with positivity from mainstream investors, leading major US exchanges Coinbase and Kraken to immediately decided to relocate XRP again. This was seen as a victory for the industry by many, which pushed the ambiguous cryptocurrency’s price to more than double.
Gensler responded by saying that although the judge’s decision on tokens sold to institutional investors was satisfying, he felt disgruntlement regarding the interpretation for retail investors, a issue which had been ongoing for much of the SEC lawsuit’s steps. Reaffirming, he made the same point at the later National Press Club event. Gentsler offered no particular commentary on the current ongoings when questioned over a possibility regarding the intensity of the new cryptocurrency regulatory framework, whether this could act as sort of problematic precedent for the rest of SEC’s lawsuit.
Similar questions regarding cryptocurrencies and whether the formations powers a certain centralization was thrown in respect to the development of International finance economy. Gensler warned the AI could lend greater pressure for global economic instability should companies like big tech monopolize it’s output.
An issue reinstilling the necessity of clear and legal regulations signed off the interview. With one point of advice already taken: a member of the House say SEC officials concerning possible positions to take against corporal development.
