The United States Securities and Exchange Commission (SEC), presently chaired by Gary Gensler, continues to flag the sentiment that Ether (ETH) — the native token of the Ethereum blockchain — is not a security. Whereas the securities agency has been battling with Ripple in a court case — that has lasted for more than two years now – claiming that XRP, the native token of XRP Ledger, is a security.
Based on these facts, Decrypt staff Dan Roberts asked Ripple’s Chief Market Strategist Cory Johnson in an interview to react to the latest comment made by an undisclosed SEC official. According to Roberts, the SEC official asserted that Ether (ETH) is not a security.
“I can’t speak on Ether or the SEC’s decision but it is really clear to us that XRP is not a security; doesn’t meet the definitions of a security,” Ripple’s Cory Johnson responded. He reiterated that Ripple’s ultimate aim regarding the ongoing XRP lawsuit is to compel the SEC to issue clarity on XRP and crypto in general. Recall that Ripple CTO David Schwartz, recently revealed that XRP fits into the definition of a commodity under U.S. Federal finance rules.
According to the Chief Market Strategist of Ripple, this clarity from the SEC would foster crypto-powered innovations in the United States and across the globe. He pinpointed that sensible crypto regulation will not only make innovation happen but would eliminate fraud and foul plays in the nascent industry.
Read Also: Ripple Bought $8.4 Billion XRP Since SEC Lawsuit To Sustain Token Price: Report
Cory Johnson stated, “but I think that kind of clarity from the SEC really helps and I think it helps innovation happen. There are clearly some amazing possibilities in this technology. When the day comes that the SEC has made it really clear what the lanes are in which we can operate in this country, you know, it’s going to be good for innovation in the industry but it’s going to be bad for the crooks. And I’m all for that.”
Similar to the opinion of the Cardano founder Charles Hoskinson, Cory noted the United States is lagging in the adoption of crypto and blockchain technology, citing that other countries have boosted their economies, leveraging the crypto invention. Notable, a country like El Salvador started to buy 1 bitcoin (BTC) per day in late 2022.
“But the other thing I’ll say is that a lot of other countries are ahead of the U.S. in offering those clear lanes to operate. You know, the United States was able to create a free internet by saying — we’re going to stay out of the way — but we are going to make sure you’ve got some clear lanes to develop this technology. And as a result, the U.S. became the leader in technology in the world.”
The top Ripple officer noted that crypto and blockchain are the next waves of technology and it is important that the regulatory agency in the country issue clarity on how to run crypto businesses in the country.
But as previously reported, Charles Hoskinson suggested that there will be no crypto regulations from U.S. Congress until 2025, probably because of the FTX crash that happened in November and the next U.S. elections taking place in 2024.
Related: Legal Expert Suggests XRP Could Skyrocket Like LBC Token If SEC Lawsuit Ends in Ripple’s Favor
Ripple’s Cory Johnson concluded the interview session by saying, “Well, this is the next wave of technology and they are other countries that recognize this really clearly and they are offering those white lanes and their economies, because the internet is moving more global than it has ever been. I would like to see it happen here in the U.S. and I would like to see the U.S. help the good technology happen while the crooks go away.”
LOOK AT THIS: Ripple's Cory Johnson is interviewed just after Hinman's speech: Johnson expresses relief at saying that Hinmans speech can only mean XRP is not a security either. Explain to me why Clayton & Hinman waited until the very last day of their tenure to crush us? pic.twitter.com/KZ7mbboZ5D
— Mr. Huber🔥🦅🔥 (@Leerzeit) February 7, 2023
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