u.today
David Schwartz, who is the chief technical officer of Ripple fintech giant, has issued a post on X (formerly Twitter), commenting on the list of cryptocurrencies that the SEC regulator sees as securities.
He proudly stressed the fact that the Ripple-affiliated XRP token is not there after the recent win of Ripple in court.
“Not on the list: XRP”
Schwartz tweeted that the “assets” which are not on the SEC’s list are “orange groves”, “live beavers”, “warehouse receipts for whisky casks” and XRP.
The list was published by the SEC, according to a recent report by CoinGecko crypto analytics service. It contains 48 digital currencies, including ADA, BNB, SOL, TON, HEX, LUNA, TRX and many others.
Not on the list:
— David "JoelKatz" Schwartz (@JoelKatz) August 8, 2023
Orange groves
Live beavers
Warehouse receipts for whisky casks
XRP https://t.co/BuZqchXLqD
The two leading cryptos, Bitcoin and Ethereum, are not on it. Bitcoin is the only crypto that fits SEC’s notion of a non-security – there is no central team of developers from who investors are waiting for profits from the token they have made. Ethereum also has “immunity” to the label of a security, however, Gary Gensler’s position on it seems vague now, since this year, he stated that ETH might still fit the definition of a security.
SEC considers taking revenge on Ripple
The legal case of the SEC against Ripple Labs continued from late December 2020 until recently. Judge Analisa Torres issued a ruling, according to which Ripple’s XRP sales on the secondary market are not to be considered securities. However, the XRP sales made to institutional investors are.
Now the SEC considers making an appeal on this verdict. The SEC reckons that it can be successful, since just recently, after the XRP ruling was made, another US judge rejected the approach taken by Analisa Torres regarding Ripple in the case of the SEC against Terra Foundation, its founder Do Kwon, and their LUNA token.
As was mentioned above, LUNA is on the list of securities published by the regulator.