{"id":11239,"date":"2023-04-01T09:25:03","date_gmt":"2023-04-01T09:25:03","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11239"},"modified":"2023-04-01T09:25:06","modified_gmt":"2023-04-01T09:25:06","slug":"ripple-ceo-slams-sec-chair-gensler-for-dictating-which-crypto-tokens-are-securities","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11239","title":{"rendered":"Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency\u2019s power. \u201cIt\u2019s time for elected officials in the U.S. to take notice,\u201d the Ripple executive stressed.<\/strong><\/p>\n<h2>Ripple\u2019s CEO Slams SEC Chair Gensler Over What\u2019s a Security<\/h2>\n<p>The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday:<\/p>\n<p>For the Chair of the SEC to assert that he dictates what is a security \u2014 and not the legislation from which his agency derives its power \u2014 is beyond comprehension. It\u2019s time for elected officials in the U.S. to take notice.<\/p>\n<p>\u201cWhen you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what\u2019s \u2018in or out\u2019? Without clear jurisdiction, ambiguity masquerades as power,\u201d Garlinghouse cautioned.<\/p>\n<p>The Ripple executive made this statement in reaction to Gensler\u2019s claim that the current securities laws \u201ccover most of the activity that\u2019s happening in the crypto markets.\u201d The SEC chief was quoted as saying: \u201cIf Congress were to act, though I don\u2019t think we need these authorities, not to undermine inadvertently through definitions of what\u2019s in or out, or in essence allowing for conflicts that we don\u2019t allow.\u201d Gensler warned:<\/p>\n<p>I think many of the legislative vehicles would, if adopted, undermine the securities remit.<\/p>\n<p>Since the SEC filed a lawsuit against Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020, the company has been embroiled in a legal dispute with the securities regulator. The SEC claimed that XRP is a security, but Ripple and Garlinghouse have consistently argued that it is not.<\/p>\n<p>On several occasions, Gensler has emphasized the importance of cryptocurrency exchanges and lending platforms coming in to discuss how to be compliant with the SEC. However, Garlinghouse has accused the securities watchdog of holding meetings with crypto companies primarily for the purpose of generating leads for its Enforcement Division. There have also been widespread complaints that the SEC does not provide clear regulatory guidelines, making it difficult for companies in the crypto space to ensure compliance.<\/p>\n<p>Recently, the Nasdaq-listed crypto exchange Coinbase received a Wells notice from the SEC regarding potential violations of the securities law. The company noted in its response: \u201cThe SEC will not let crypto companies \u2018come in and register\u2019 \u2014 we tried.\u201d Meanwhile, Gensler has repeatedly expressed the view that all crypto tokens, apart from bitcoin, are considered securities.<\/p>\n<p>Tags in this story<\/p>\n<p>Gary Gensler, is XRP a security, Ripple, Ripple Gary Gensler, ripple sec, SEC, sec chair gary gensler, what is a security, which crypto tokens are securities, XRP, XRP Gary Gensler, XRP is a security<\/p>\n<p><em><strong>What do you think about Gensler trying to dictate what is a security? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/ripple-ceo-slams-sec-chair-gensler-for-dictating-which-crypto-tokens-are-securities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency\u2019s power. \u201cIt\u2019s time for elected officials in the U.S. to take notice,\u201d the Ripple executive stressed. Ripple\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11239"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11239\/revisions"}],"predecessor-version":[{"id":11241,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11239\/revisions\/11241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11240"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}