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

March 30, 2024 9:33 pm Comments

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.”

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?”

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.”

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