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- Acting SEC Chair Mark Uyeda confirms Bitcoin and Ethereum are not securities in recent CNBC interview.
- Uyeda avoids confirming XRP’s legal status, leaving the crypto community awaiting formal SEC clarification.
- Ripple’s legal battle with the SEC nears its end, but XRP’s classification remains unresolved under current leadership.
SEC Acting Chair Mark Uyeda recognized Bitcoin and Ethereum as non-securities before declining to provide XRP’s status. During his CNBC interview he mentioned remarks made by his predecessor, Gary Gensler.
According to Uyeda, the lack of securities designation for Bitcoin and Ethereum means trading them does not violate insider trading regulations. Any legal matter, including these two assets, would not qualify as a securities matter.
However, his refusal to address XRP directly has kept the asset’s legal standing uncertain. During his CNBC interview, Andrew Ross Sorkin requested details on XRP, but Uyeda declined to discuss the topic any further.
Following a 2023 court decision that XRP tokens lack security classification, XRP supporters strive to understand the implications of this ruling. Numerous analysts interpreted the court ruling as a substantial victory for Ripple that helped the company resist SEC attacks from 2020 forward.
The SEC continues to refrain from releasing any official statement about how they classify XRP. The case between Ripple and the SEC remains in limbo because the agency decided to drop its appeal while dismissing Ripple’s cross-appeal.
Leadership Changes Raise Hopes for Regulatory Clarity
The SEC leadership is set to undergo a transition as Paul Atkins moves toward Senate confirmation following his key vote. The digital asset industry views Atkins as establishment-friendly because of his crypto-positive stance.
As head of the executive branch, Gary Gensler never provided straightforward declarations regarding Ethereum’s regulatory classification. The position of the SEC under Director William Hinman in 2018 categorized Bitcoin and Ethereum as commodities, but his statements proved contrary to the SEC’s current stance.
Ripple’s legal team earlier indicated the SEC could potentially use Ethereum’s governance for determining the status of XRP. The agency has not issued any formal statement regarding the matter.
Uyeda gave regulatory approval to Bitcoin and Ethereum but avoided stating anything about XRP despite the company’s attempts to bring clarity about the token’s regulatory status. The incoming leaders have become a focus for market participants who seek definitive answers.
Also Read: XRP Sees Sharp Drop in Wallet Activity Despite Surge in Transactions and Futures Volume
