Gensler revealed that SEC is still considering whether to appeal the decision.
SEC Chair Gary Gensler recently shared his views on the latest court decision in the lawsuit against Ripple, a move that has sent shockwaves throughout the cryptocurrency landscape.
Speaking at an event organized by the National Press Club, which focused on the role of artificial intelligence, Gensler was posed with a question about the recent ruling's impact on his stance regarding cryptocurrencies.
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Furthermore, the SEC Chair was asked if the decision “inject urgency into the need for federal legislation to clarify regulatory oversight of this industry.” Gensler responded:
We are pleased from that decision recognizing the importance of protecting investors — institutional investors — and the court movement in regard to fair notice, and while disappointed on what they said about retail investors, we're still looking at it, and assessing that.
As expected, this conversation about Ripple's case popped up later during an interview with Yahoo Finance. Echoing his earlier statement, Gensler confirmed his stance praising the court's decision regarding institutional investors and expressing disappointment in the decision regarding retail investors.
Responding to Jennifer Schonberger's comment about crypto exchanges celebrating this ruling as a significant victory and subsequently relisting XRP, Gensler remained tight-lipped about whether this could set a legal precedent due to the ongoing litigation process.
Despite his reluctance to delve into future implications, Gensler did emphasize that "these crypto platforms are commingling several services that <…> we would not allow in any other parts of our capital markets."
He was later questioned whether the recent court decision would prompt him to consider developing tailored regulations for the crypto industry. He responded by saying:
It’s too early. This was, like, three business days ago.
However, he did note that the SEC already has rules about what defines a securities exchange.
When asked about the proposed Republican legislation that aims to implement a decentralization test for crypto assets, Gensler maintained a neutral stance:
I’m gonna save our comment on any draft legislation for members [of Congress] who ask us directly.
As the dust settles from this groundbreaking court decision, one thing remains clear: the world is waiting to see how the SEC, under Gensler's guidance, navigates the choppy waters of the cryptocurrency industry.
