Gemini, a leading US-based cryptocurrency exchange, has thumbed its nose at the US Securities and Exchange Commission (SEC) by listing XRP, a cryptocurrency that the SEC has been trying to classify as a security. There is something about the listing announcement that seems to catch the attention of the crypto community.
The exchange took a playful shot at the US Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, through a clever promotional video accompanying the news.
The listing of XRP on Gemini is a major victory for XRP holders and a blow to the SEC. It is the first time that a major US exchange has listed XRP since the SEC filed its lawsuit against Ripple Labs in December 2020.
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Renowned attorney Bill Morgan, known for his positive stance on XRP, joined the ranks of those who enjoyed Gemini’s playful satire.
In his comment on the video, he pointed out the segment where XRP humorously departs from Earth to seek solace on the moon after being labeled a security. Morgan, in a lighthearted manner, jokingly queried whether there might be an intriguing history of friction between Gemini and the SEC.
My favorite image. All the Earth is a security so XRP leaves for the moon. Very biting. Do Gemini and the SEC have history? https://t.co/P9MisziMl6 pic.twitter.com/vDyADKZEBp
— bill morgan (@Belisarius2020) August 10, 2023
The Gemini listing of XRP is a sign that the tide is turning against the SEC’s efforts to regulate cryptocurrencies. The SEC has been facing increasing criticism for its heavy-handed approach to cryptocurrency regulation, and the listing of XRP on Gemini is a further sign that the SEC is losing the battle.
Gemini’s decision to list XRP is also a sign that the exchange is confident in the future of XRP. The exchange has made it clear that it does not believe that XRP is a security, and it is willing to stand up to the SEC in order to list the cryptocurrency.
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The SEC is likely to be furious with Gemini’s decision to list XRP. The exchange has effectively thumbed its nose at the SEC, and it is possible that the SEC could take further action against Gemini. However, the listing of XRP on Gemini is a major victory for XRP holders and a blow to the SEC’s regulation by enforcement.
In addition to the Gemini listing, there have been a number of other positive developments for XRP in recent months. Ripple has also been expanding its partnerships and adoption, and the cryptocurrency has seen a significant increase in its price and liquidity.
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