SEC Chair Gary Gensler spoke at a New York conference, noting that Bitcoin, Ethereum, and stablecoins are not considered securities. However, most of the over 10,000 altcoins, including Ripple’s XRP, are treated as securities under the Howey test.
Gary Gensler's Speech on Cryptocurrency Status
During the conference, Gensler emphasized that his primary focus is on the other 10,000 digital assets. He noted that, aside from Bitcoin, Ether, and stablecoins, the rest of the market is approximately $600 billion, which is less than 20 percent of the entire crypto market and less than one-quarter of one percent of the worldwide capital markets.
End of Gensler Era
For crypto enthusiasts, the most intriguing part of Gensler's speech was his conclusion, hinting at the end of an era. He highlighted: “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.”
Impact on the XRP Market
The XRP market has been most affected by the regulatory pressure from the SEC. Despite a recent ruling that XRPs sold via crypto exchanges are not investment contracts, the SEC filed an appeal, complicating the market further. However, Gensler’s impact on the XRP market is expected to diminish under Trump’s administration. Recent data shows that the XRP price surged over 47 percent this week to about 82 cents by Friday during the Asian morning session.
Gary Gensler's speech in New York has sparked significant interest among cryptocurrency market participants. His comments on the status of cryptocurrencies and the hint of potential leadership changes at the SEC could have long-term implications for the industry.
