U.S. Markets closed
  • S&P 500

    4,173.85
    +61.35 (+1.49%)
     
  • Dow 30

    34,382.13
    +360.68 (+1.06%)
     
  • Nasdaq

    13,429.98
    +304.99 (+2.32%)
     
  • Russell 2000

    2,224.63
    +53.68 (+2.47%)
     
  • Crude Oil

    65.51
    +1.69 (+2.65%)
     
  • Gold

    1,844.00
    +20.00 (+1.10%)
     
  • Silver

    27.50
    +0.46 (+1.69%)
     
  • EUR/USD

    1.2146
    +0.0062 (+0.5101%)
     
  • 10-Yr Bond

    1.6350
    -0.0330 (-1.98%)
     
  • Vix

    18.81
    -4.32 (-18.68%)
     
  • GBP/USD

    1.4102
    +0.0050 (+0.3582%)
     
  • USD/JPY

    109.3470
    -0.0870 (-0.0795%)
     
  • BTC-USD

    48,597.74
    -488.91 (-1.00%)
     
  • CMC Crypto 200

    1,398.33
    +39.77 (+2.93%)
     
  • FTSE 100

    7,043.61
    +80.28 (+1.15%)
     
  • Nikkei 225

    28,084.47
    +636.46 (+2.32%)
     

SEC Causing ‘Confusion’ Over Digital Currencies in Legal Case With Ripple: WSJ Editorial Board

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Jamie Crawley
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

The Wall Street Journal’s editorial board criticized the U.S. Securities and Exchange Commission (SEC) in an editorial for causing “confusion” over its approach to cryptocurrency.

Regulators are “creating danger” for retail investors, as exemplified by the SEC’s lawsuit against Ripple over its alleged issuance of native currency XRP as an unregistered security, according to the WSJ.

The findings in this case “have highlighted the inconsistency of the SEC’s approach,” in not treating bitcoin and ether as securities, for example.

Related: Bitfarms Plans 210 MW Bitcoin Mining Facility in Argentina

Something of a watershed in the case emerged April 7 when Ripple was granted access to the SEC’s internal communications on how it determined whether a crypto is a security.

Exemptions had been announced previously for bitcoin and ether by the SEC through statements from former Chairman Jay Clayton, “with no formal rule-making,” according to the editorial.

This suggests that the SEC has not set clear rules about which currencies it feels it should regulate and which it does not.

See also: Senate Confirms Gary Gensler as Next SEC Chief

Related: Gab Gets Hacked, Bitcoin's Tipping Point and More

“This confusion poses risks for investors,” the editorial says, which threatens to derail the mainstream adoption of cryptocurrency as represented by Coinbase’s $86 billion public offering last week.


Related Stories