The stage is set for another round between the SEC and Ripple over the nature of XRP- security or not.
Going into this, CEO Brad Garlinghouse says he is feeling good about the proceedings but the lack of regulatory clarity has certainly made it frustrating.
Ripple is set for a hearing in the next couple of hours. The case brought against it by the Securities and Exchange Commission (SEC) seeks to determine whether XRP is a security or a cryptocurrency. The SEC believes that for the last 8 years, Ripple has been offering unlicensed securities. Market observers in support of Ripple have termed the move by the SEC as regulation by enforcement.
Ripple Labs CEO holds the same opinion and has called on the US to come up with clear regulations around cryptocurrencies. He adds that a lack of regulations has stifled the industry. In its failure, the likes of Singapore, Japan, China and the UK, are quickly surpassing the US in innovation.
So far, the SEC has only exempted Bitcoin and Ethereum
