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




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.


Ripple-backed XRPL Labs releases XRPayments on Playstore and App store

Namrata Shukla



Ripple-backed XRPL Labs releases its XRPayments on Playstore and App store
Source: Pixabay

The Ripple-backed startup, XRPL Labs had been working on various technologies to develop the ecosystem. One of these technologies, XRPayment, was in its testing phase and has been finally launched and made available on the Google Play store and Apple app store.

Wietse Wind, the developer of XRPtipbot and one of the developers at XRPL Labs, informed the XRP community about this on his Twitter. Wind stated:

“Right on time! 🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

The application received a lot of traction, especially from the XRP enthusiasts, however, one of the users pointed out an issue he encountered while using the application. Twitter user @almost_summer_ asked Wind:

“hi Wietse great job! just downloaded it, if i open the coinbase or uphold wallet app i can scan the QR but it does not auto fill in the amount of XRP to send. the XRPay web version did fill in the amounts. is that supposed to be like that?”

Wind replied to the user saying that the team wanted users to think about the amount they and perhaps tip the service. He also added:

“Some wallet apps can read a pre filled amount, and the web version implemented that, thus breaking support with some other clients. For this app we wanted 100% support, so we left out the pre filled amount feature for now.”

Wind and the team are also working on a ‘signing platform’ which will enable the users to sign and approve transactions from an application or the web application from any developer, without sharing their mnemonic, through a push message or QR code.

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