Connect with us

XRP

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

Priya

Published

on

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.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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 shorts overtake XRP longs as USD shorts increase 85 percent on April 17

Akash Anand

Published

on

XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17
Source: Pixabay

The cryptocurrency market’s volatile behavior was reflected in the ‘buy-in and sell’ sentiments. Despite the bear market taking over again, analysis of the market shows that there are some silver linings. XRP, the third largest cryptocurrency in the market, has not had a fantastic start to 2019 and this was even shown during the recent bullish spike.

XRP was one of the worst performers among the top 10 club at a time when some of the other currencies saw double-digit gains and Bitcoin [BTC] broke the $5000 barrier. New analysis, though, points to the fact that there has been a significant rise in XRPUSD longs on Bitfinex, some even registering record gains. Reports from BehindtheLedger stated that:



“Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs (or vice versa if you prefer) rather than just the longs though. Doing so reveals that shorts have increased more than longs in the past few days.”

At a time when the XRP shorts are on a high, the USD shorts were up by a massive 85 percent on April 17. The analysis from behindtheledger also admitted:

“This isn’t a price prediction and frankly, this indicator probably isn’t reliable

But it’s always good to look at both sides of the equation.”

XRP’s trade has been majorly influenced by developments in its realm with the last major claim coming from Coincheck as the organization provided over-the-counter trading support for Ethereum and XRP on its platform. The exchange had announced:

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending