- SEC’s Uyeda confirms Bitcoin, Ethereum aren’t securities; avoids XRP clarity despite court ruling in Ripple’s favor.
- Ripple’s legal battle ends as SEC drops appeal, leaving XRP’s status ambiguous without formal regulatory acknowledgment.
Acting SEC Chair Mark Uyeda reiterated during a CNBC interview that Bitcoin and Ethereum do not qualify as securities, aligning with prior statements from former Chair Gary Gensler. Uyeda emphasized that trading these assets would not constitute insider trading under securities laws. However, when pressed on XRP’s classification, he declined to comment, leaving ambiguity around the token’s legal standing.
The SEC’s stance on Bitcoin and Ethereum dates to 2018, when then-Director William Hinman described both as commodities in a contentious speech. Gensler, though evasive on Ethereum during his tenure, maintained this distinction. XRP’s status diverged: a 2023 court ruling declared it non-security in retail sales, marking a partial victory for Ripple. The SEC initially appealed but later dropped the challenge, effectively ending the case without broader clarification.
“My predecessor, Chairman Gensler, has made it pretty clear that Ethereum and Bitcoin are not securities. If involved either of those two, it would not be insider trading because it does not involve the purchase of securities,” he said.
Ripple’s decision to dismiss its cross-appeal last month closed the legal chapter, though the SEC has not formally acknowledged the outcome. This silence fuels speculation about future enforcement, particularly for tokens with hybrid use cases.
Uyeda’s remarks reinforce existing frameworks but avoid resolving lingering questions. By sidestepping XRP, the SEC leaves room for case-by-case assessments, creating uncertainty for similar assets.
Hinman’s 2018 speech remains pivotal, informally shaping how tokens are evaluated. His commodity designation for Ethereum provided a template now echoed by Uyeda. Yet, the SEC’s reluctance to formalize criteria perpetuates reliance on court rulings rather than clear policy.
Ripple (XRP) is currently trading at $1.89 USD, showing a slight 0.8% increase in the last 24 hours, with a very high daily trading volume of over $14.5 billion. However, XRP has seen a 9.78% decline over the past 7 days, echoing the broader weakness across the crypto market. Its current market capitalization is approximately $110.5 billion, ranking it #4 globally by market cap.
The recent price action shows XRP trading in the range of $1.65 to $1.97 over the past 24 hours. While still 44% below its all-time high of $3.40, it’s up a staggering +70,000% from its all-time low, which demonstrates its long-term growth potential. XRP has also risen more than 217% year-over-year, pointing to strong bullish momentum in the longer term despite short-term volatility.
In terms of fundamentals, Ripple remains focused on cross-border payment infrastructure and is gaining traction in real-world financial systems. Notably, a new leveraged XRP ETF (2x) recently launched on NYSE Arca, which has triggered new market buzz and potentially enhanced institutional exposure. This ETF move is a strong signal of confidence from traditional finance in XRP’s future.
