Ripple vs SEC update – The legal case between Ripple and the SEC continues to heat up as a possibility of a ruling is expected soon. Ripple and the Security and Exchange Commission have been at this legal war for over two years. The battle is over an alleged sale of XRP as an unregistered security.
Meanwhile, the SEC has sustained that the blockchain giant violated its security laws. The regulatory agency has called on the court to issue a summary judgment in its favor.
In the latest development, a congressional hearing was held yesterday before the House Financial Services Committee. Gary Gensler, SEC’s chairman was asked some questions regarding the latest updates in the crypto market. One pivotal question he was asked was whether he thinks XRP is a security.
Congressman Warren Davidson asked Gary if he believes XRP is a security. However, the SEC chair refused to come clear with his response. He neither said Yes or No, instead he insisted that the debate as to whether it is security or not is in court. He said,
“We are in court, and [there are] active discussion and litigation on that matter.”
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🚨BREAKING NEWS: Chair Gensler of #SEC says in “Active Discussions & Litigation” on status of #XRP… ARE SETTLEMENT DISCUSSIONS BEING DEVELOPED ? #ripple #xrpl #crypto #blockchain #xrparmy #XRPCommunity $XRP pic.twitter.com/rcE1fBe4wy
— Prosperity Fund (@prosperity_fund) April 18, 2023
He was also asked whether Ethereum is a security, and notably, he refused to give a direct answer as well. Many were taken aback at his response because he had always sustained that XRP is a security token. In June last year, Gary gave the same view when he said that Bitcoin is the only commodity he recognizes.
Congressman Warren Davidson Introduces a Bill to Restructure the SEC
Many cryptocurrency enthusiasts have considered Gary Gensler unfit to handle the affairs of the SEC. His unfavorable views in the crypto sector and his “record of failure” have brought about this doubt.
Sharing the same opinion, Congressman Warren Davidson introduced a bill that proposes the restructuring of the agency and furthermore, the dismissal of Gary Gensler.
“Chairman Gensler, your record of failures to protect investors and abuses of power make it clear that we need to restructure the Securities and Exchange Commission.”
The Congressman put forward a bill calling for the dismissal of the SEC chairman after listing some of his “failures and abuses.”
“To correct a long series of abuses, I’m introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an executive director that reports to the board where all authority would reside,” Davidson said.
The video was posted on his Twitter page. Watch the video below:
Watch my closing remarks from today’s hearing where I lay out the abuse of power and failure to protect investors that has occurred. pic.twitter.com/SNXio9Zbej
— Warren Davidson 🇺🇸 (@WarrenDavidson) April 18, 2023
With all of Gary’s failures highlighted by the Congressman, Judge Analisa Torres might be pushed to pass a ruling in favor of Ripple.