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SEC has not determined whether any specific cryptocurrency may be deemed a “security”

Priya

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SEC has not determined whether any specific cryptocurrency may be deemed a “security”
Source: Unsplash

Recently, an XRP enthusiast reached out the U.S Securities and Exchanges Commission asking why the SEC has not made a determination about XRP after classifying Bitcoin [BTC] and Ethereum [ETH] as ‘non-security’.

In response to the query, Lisa Skrycki, an attorney of the Office of Investor Education and Advocacy U.S SEC, stated that the SEC has not concluded any of the cryptocurrency in the market as a security.

She said:

“As an initial matter, please be advised that notwithstanding any enforcement actions taken by the SEC, the SEC has not made a determination as to whether any specific cryptocurrency may be deemed a ‘security’ under the federal securities laws.”

The attorney further clarified the controversy regarding William Hineman, the Director of the SEC’s Division of Corporate Finance, statement about Ethereum [ETH] as a non-security. She said:

“As you may be aware, Director Hineman’s remarks inclued a disclaimer: The SEC disclaims responsibility for any private publication or statement of any SEC employee or commissioner. This speech expresses the author’s views and does not necessarily reflect those of the commission, the commissioners or other members of the staff.”

During the Yahoo Finance Markets Summit, Director Hineman spoke about his opinion on cryptocurrency mainly about Bitcoin [BTC] and Ethereum [ETH]. He said that “applying the disclosure regime” of the federal securities law, Bitcoin seems to add little value in terms of offer and resale of the coin.

He continued to say that based on his understanding of Ethereum, its network and decentralized structure, and the purchase and sale of the coin at present are not securities transactions.

The statement made by the Director led to a huge buzz in the cryptocurrency space. This also had an impact on the value of the cryptocurrencies followed by a lot of controversies.

However, as stated above, the statement does not represent the SEC but was just an opinion of a member from the SEC and does not represent the commission.

Rog1, in a statement to AMBCrypto:

“I think that everybody was made to believe through media and CNBC that BTC and Ethereum are not securities because of one or two people in the SEC said their OPINIONS but the SEC has NEVER made a statement stating that.”

He further stated:

“I want to make clear that I got this email from the person who posted it and even though that was posted it didn’t get much traction. So I am trying to put the truth out there.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

XRP

XRP/GateHub: Hacker continues to prowl the market as part of stolen XRP transferred to Digifinex

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XRP/ GateHub: Hacker continues to move in the market as XRP transferred to Digifinex
Source: Unsplash

XRP, the third largest cryptocurrency by market cap, was the highlight of the cryptocurrency space after a hacker stole a significant amount of coins from GateHub, a wallet that supports the top cryptocurrencies in the market. Nearly 23 million XRP were stolen from the platform via an attack by the hacker earlier this month.

The service provider stated that this could have been the cause of “suspicious API calls” in its initial statement, adding that they did not find any loopholes on the platform that would have enabled the hacker in carrying out the attack.

Further, in a recent Twitter post, GateHub also alerted its users about phishing emails, asking them to transfer their funds with the subject “Critical Security Warning/ Action Required – New Secured Wallets.” The platform advised users not to transfer their funds to the address mentioned in the phishing email.

Keeping this aside, the hacker has been moving around the stolen funds to several exchange platforms. Earlier today, according to Whale Alert, the hacker moved 30,000 XRP equivalent to $13,055 to DigiFinex, an exchange platform headquartered in Singapore. The transfer was made from rDBneo78RVCfMdAbvPo4v2sf8uk3RKKe1b address to DigiFinex’s rnG2XVwdULE5mfWA5EFxnyTkUGgg2K39AP address at 09:05:41 UTC on June 17, 2019.

Notably, this was not the only transaction made by the hacker to DigiFinex. On June 16, two transfers were made to DigiFinex at 17:01:51 UTC and 17:27:31 UTC from rfrnAC417ewiPbRqRzvJCgnBSgMJRMzSuv address. The XRPs that were transferred were worth $28,590 at the time of transfer. Apart from this, Whale Alert also recorded transactions made to different addresses yesterday.

Source: Twitter

Source: Twitter

DigiFinex was not the only exchange platform the stolen funds were transferred to. According to previous transactions recorded by Whale Alert, the hacker has sent some funds to Bitfinex and OkEx over the past few days. Another cryptocurrency exchange, ChangeNOW, recently released a statement surrounding the hack, stating that the attacker had sent some funds to their exchange platform as well. The exchange added that it was able to secure some of the stolen funds, which would be later sent back to GateHub.





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