Fox Business Journalist: “You’re NOT Going To Get Rich On XRP”—Here’s Why

Fox Business journalist Charles Gasparino recently made a bold claim regarding Ripple’s native currency, XRP.

The seasoned journalist warned that XRP’s status as a non-security may hinge on the Securities and Exchange Commission’s classification of Ethereum as a security.

If the SEC determines that Ethereum does not constitute a security then Ripple investors should expect Judge Torres’ earlier ruling to stand. However, if the SEC determines that Ethereum is a security then the rogue agency will likely appeal the XRP ruling on those grounds. Gasparino writes:

“One thing the XRP chasers might want to consider: If Gary Gensler considers ETH a security, the SEC  will stop at nothing in getting Torres’s weird half-baked Ripple
ruling overturned in the appellate division, and he has a good shot at doing so.

In other words, you are probably not getting rich on XRP and might be getting poor depending on how this shakes out.”

One thing the $XRP chasers might want to consider: If @GaryGensler considers $ETH a security, the @SECGov will stop at nothing in getting Torres's weird half-baked @Ripple ruling over turned in the appellate division, and he has a good shot doing so. In other words, you are…

— Charles Gasparino (@CGasparino) March 28, 2024

I have written a draft for a public comment to the SEC opining ConsenSys and outlining why it is wrong to approve an Ethereum ETF before the initial sales fraud and misrepresentations made by the founders to the SEC have been investigated and cleaned up. https://t.co/kierwArptm

— Mr. Huber🔥🦅🔥 (@Leerzeit) March 30, 2024

Bitcoinist reminded readers:

The SEC chair has refrained from categorically declaring whether Ethereum is deemed a security or not.

This lack of clarity has heightened uncertainty surrounding Ethereum’s classification, potentially exacerbating regulatory uncertainty within the digital asset ecosystem.

Rep. Tom Emmer asked: “The SEC and the CFTC have an extensive record asserting that Ethereum is NOT a security. So why does Prometheum, an SEC-registered broker-dealer, plan to custody ETH?”

The SEC and the CFTC have an extensive record asserting that Ethereum is NOT a security. So why does Prometheum, an SEC-registered broker-dealer, plan to custody ETH?

I led a letter with @FinancialCmte and my colleagues to @GaryGensler to get some answers. https://t.co/C8lfTbmHtR

— Tom Emmer (@GOPMajorityWhip) March 26, 2024

JUST IN: $4.5 trillion asset manager Fidelity filed for a Spot Ethereum ETF with staking included.

US regulator SEC has been reluctant to approve Ethereum ETFs and is unlikely to change unless challenged in court. pic.twitter.com/bdQwCgm1Pf

— Radar🚨 (@RadarHits) March 27, 2024

According to The Block, firms like Consensys are imploring the SEC to give Ethereum a fair hearing:

“We urge the SEC to recognize the advanced safeguards inherent in Ethereum’s design,” Consensys wrote, “which not only meet but exceed the exemplary security and resilience safeguards underlying Bitcoin-based ETPs that have previously been approved by the SEC.”

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.