Prominent Bitcoiner backed Gary Gensler regarding XRP
Bitcoin maximalist Max Keizer has posted a tweet in support of the recent Q&A session with SEC Chairman Gary Gensler. It was conducted by the Federal Reserve Bank of Atlanta during the 27th Financial Markets Conference.
Keizer tweeted that “Gary” was right, calling every crypto that isn’t Bitcoin a security. This includes, Keizer said, XRP and ETH.
He said that El Salvador had already incorporated Bitcoin as its national currency (not allowing the use of any other crypto), and he invited Gensler to come to El Salvador and “see how we became the first BTC country in the world “.
Gary Gensler clarifies the issue of “crypto regulation”
Recently, Coinbase filed a lawsuit against the SEC, demanding that the regulator enact clear rules to regulate crypto assets, their issuance, and their trading on digital exchanges.
When the same question about regulatory clarity regarding cryptocurrencies was posed to Gensler, he said that since he believed all cryptocurrencies were considered securities, the rules had been around for a long time – the same ones used for traditional titles.
Gensler says blockchain companies, crypto exchanges, and lenders prefer not to comply with existing securities laws. Earlier today, it was reported that the SEC had urged the federal judge to dismiss Coinbase’s request for faster clarification of crypto asset regulations as unfounded.
SEC Attacks US Crypto Exchanges
This year, the regulatory agency sent Coinbase a Wells Notice, which is essentially sent before suing an entity. The notice was sent in relation to Coinbase’s staking services and list of crypto assets. Besides Coinbase, the SEC has cracked down on US-based exchange Kraken, saying its crypto staking service is hurting investors.
Following SEC activity against crypto firms, leading crypto platform Bittrex chose to shut down its US branch. Citing the US government’s lack of interest in innovation and the lack of clear crypto regulatory rules, the US Bittrex team said they would focus on the success of Bittrex Global.
Apart from that, the SEC is continuing its long-running lawsuit against Ripple Labs, which began in December 2020. The regulator claims that the company, its co-founder Chris Larsen, and current CEO Brad Garlinghouse sold millions of XRP tokens in as unregistered securities and earned nearly $2 billion.