James Murphy Criticizes SEC Over Using ‘Digital Asset Securities’ Yet Again
With Trump winning the most anticipated US election of the season, expectations are high for cryptocurrency regulatory policies under Trump, as he expressed similar views during the campaign, including Gary Gary Gensler’s exit and building a strategic Bitcoin reserve.
Recently, however, Gary Gensler reiterated that Bitcoin is not a security during last week’s PLI 56th Annual Institute Lecture. He also made it clear that he continues to consider XRP as a security, as he did not mention it along with “Bitcoin, Ethereum, and stablecoins.”
“Instead, our focus is on some of the approximately 10,000 other digital assets, many of which courts have ruled were offered or sold as securities. With that in mind, beyond Bitcoin, Ethereum, and stablecoins, the rest of this market Some are worth about $600 billion,” he noted.
In addition, the US SEC also hinted that it will continue to debate “digital asset securities” in the appeal of the Second Circuit Court.
James Murphy criticizes SEC
Notably, in the latest X post, cryptocurrency lawyer James Murphy criticized the SEC for once again using the term “digital asset securities” in its latest X post. The agency has also not adhered to its recent apology for using the term “crypto-asset securities” in the lawsuit.
The crypto community is increasingly calling on the U.S. Securities and Exchange Commission to dismiss the long-running Ripple lawsuit. Ripple CEO Brad Garlinghouse also said he expects the SEC lawsuit to be resolved or concluded following Trump’s victory. Additionally, attorney Bill Morgan noted that XRP’s price has not been affected by Ripple’s efforts as much as long-term investors have seen.
Who should be the next SEC Chairman?
While Gensler’s departure from the SEC is highly beneficial for XRP, Trump’s choice for the agency’s top job is also crucial. Attorney John E. Deaton recently discussed His thoughts on the names of SEC Chairman Bob Stebbins and Brad Bondi. He chose Brad Bondi because of his views on DeFi and self-custody, saying:
“He (Brad Bundy) also further stated that absolutely 100%, when you take a DeFi protocol and combine it with self-custody, the SEC is not going to get involved. There is no securities law impact. That’s what we need.”
Former SEC official John Reed Stark also said commented Regarding Bondi’s possible stance on crypto litigation, it was noted,
“I expect that on his first day at SEC headquarters, Brad will order an immediate halt to all SEC encryption-related investigations and order the litigation division to immediately suspend, settle, or dismiss all SEC encryption-related cases.”
Ripple CLO shares key points to consider
In the latest X postalRipple CLO, Stuart Alderoty outlines “Cryptocurrency Bets.” He emphasized that he trusts the transition team to make the right decisions taking into account the bets on cryptocurrencies.
He noted that the transition team should focus on resolving non-fraudulent crypto litigation, ensuring the commitment of Commissioners Uyeda and Peirce, working with financial regulators and Congress on clear crypto rules, abandoning the 2018 Hinman speech and 2019 framework, and ensuring the FOIA process is transparency and restore public trust by addressing past issues within the SEC.
Notably, XRP price topped $1 and is expected to hit $2 next amid Gensler’s resignation and the end of Ripple’s lawsuit with the SEC under Trump. XRP is currently trading around $1.12, down more than 0.49% in the past 24 hours.
