It's Time For The SEC To Overhaul Cryptocurrency Regulation
Law360 (February 3, 2021, 5:13 PM EST) -- In the waning days of U.S. Securities and Exchange Commission Chairman Jay Clayton's tenure, the agency filed a suit against executives of Ripple Labs Inc., arguing that the cryptocurrency associated with the company, XRP, was an unregistered security.
The SEC alleges that Ripple executives raised $1.38 billion in funding from sales of XRP over an eight-year period. The SEC's decision to wait eight years, and over a billion dollars later, before filing this complaint was irresponsible.
More importantly, why is XRP considered a security by the SEC, but other cryptocurrencies like Ethereum and Bitcoin are not? And will those lines be drawn...
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