The crypto-sphere has now united against the odds, which veterans from the industry have been yearning for. The daunting legal combat betwixt Ripple and the SEC now sees a beacon of hope. As the voice of solidarity against the SEC grows louder and stronger.
The Chief Executive Officers of prominent crypto firms address their views in presence of the U.S House Financial Services Committee. The backing from leading industry personnel has elated the XRP community. Meanwhile, Gary Gensler the chairman of the U.S SEC remains adamant and urges crypto firms to work in compliance with the SEC’s perimeters.
Will The Voice Of Solidarity Compel The SEC To Recede?
The 8th of December was the scheduled date for the hearing of delegates from salient crypto firms, which CoinPedia had earlier reported. The executives from crypto firms were present before the U.S House Financial Services Committee. The interaction revolved around the regulations and the move by the SEC.
According to sources, Representative Ann Wagner mentions SEC Chairman Gensler’s belief over the clarity regarding whether a cryptocurrency is an asset or not. Ann Wagner also cites that commissioner Pierce went on record saying that the rules for cryptocurrencies are unclear. In response to this, Coinbase CFO, Alesia Haas answers that although the rules are clear, the SEC is biased with certain cryptocurrencies.
The limelight of the show was stolen by, Brian Brooks CEO of Bitfury Group. They backed Ripple stating that crypto-assets work differently unlike securities, he mentions that the firm should be let in. Charles Cascarilla cites the need for clear standards and the government’s support to create an efficient system for crypto firms.
Brian in an interview answers that not all cryptos can be used as currencies. He believes XRP can be a currency as a currency, as it is also used in cross-border payments. While Ethereum cannot be considered in the true sense, as it is used to power the utility chain’s applications. Meanwhile, the SEC Chairman remains adamant and urges crypto firms to work in compliance with the SEC’s perimeters.
Collectively, the support backing Ripple in its lawsuit has been overwhelming for the creators. And to the community who have been through hardships. Hopefully, the tussle comes to an end with the start of a new year. The triumph of Ripple against the SEC could give XRP a quantum jump on the charts.