According to FOX News correspondent Charles Gasparino, the SEC is using Ethereum’s regulatory treatment as a benchmark in determining XRP’s classification.
The SEC is reportedly using the regulatory status of Ethereum as a benchmark in determining whether to classify XRP as a commodity, according to FOX News correspondent Charles Gasparino.
This development, which follows U.S. District Judge Analisa Torres’s July 2023 ruling that XRP is not inherently a security, signals that the SEC might be softening its stance on crypto enforcement after years of legal battles.
The agency’s classification of Ethereum, a ‘pure commodity,’ is being considered in contrast to XRP, which the SEC claims was sold in an unregistered, ongoing, and continuous manner to raise capital, forming the basis of a security.
However, Judge Torres's ruling, which also stated that the SEC's actions in handling the case were "arbitrary, capricious, and an abuse of discretion," might lead to a different outcome.
This ruling, especially in contrast to the administrative law judge's ruling against the SEC in the case against Coinbase, could be pivotal for the future of crypto regulation in the U.S.
With regulatory bodies like the SEC and the Commodity Futures Trading Commission (CFTC) increasingly involved in crypto, projects are being pushed into a legal gray zone.
While the CFTC classifies cryptocurrencies like Bitcoin, Ethereum, and Litecoin as commodities, the SEC maintains that most crypto projects, including Solana, are securities. This divergence in classification has sparked confusion and legal disputes.
However, in January, during an interview with Benzinga, Bloomberg ETF analyst James Seyffart highlighted that the biggest obstacle to the approval of any XRP ETFs is regulatory clarity.
"We’re still not seeing any movement on the ETF front. I think the biggest hurdle is going to be regulatory," said Seyffart.
The SEC is unlikely to approve any spot XRP ETFs until the case with Ripple is fully settled and we know for sure what the classification of XRP will be.
If the court rules that XRP is a commodity, we could quickly see the approval of an ETF, similar to how quickly the Bitcoin ETF was approved once we finally got the green light from the SEC."
This classification disparity is also pertinent to Solana, which the SEC continues to classify as a security despite its market cap exceeding $10 billion and its price action in 2024, which saw an astronomical 5,000% price increase from 2022 lows.
According to FOX journalist Eleanor Terrett, the SEC and Ripple are in the final stages of settlement discussions.
Sources familiar with the matter have revealed that the new leadership at the SEC is keen to begin a new chapter in its approach to crypto enforcement.
As part of the settlement, Ripple's legal team is negotiating adjustments to the $125 million fine imposed by Judge Torres in her July ruling.
Moreover, discussions are underway to modify the restrictions on Ripple's ability to sell XRP to institutional investors, aligning them with recent shifts in SEC policy. These restrictions, imposed by Judge Torres, are being challenged by Ripple, arguing that they are an "abuse of discretion" given the court's classification of XRP as a commodity.
In other news, according to CoinGecko data, XRP’s fully diluted valuation (FDV) has officially surpassed Ethereum’s (ETHUSD) following a substantial price surge that unfolded during the course of Monday.
This milestone highlights two key trends:
? The persistent legal battle between Ripple and the SEC is nearing its apex, potentially leading to a decisive moment for the crypto industry.
? The tide of institutional money is flowing into crypto at an increasing rate, especially in decentralized finance (DeFi).
The final ruling by Judge Analisa Torres in July, which partially favored Ripple and ruled against the SEC, will likely be appealed by the SEC, further delaying the approval of any spot XRP ETFs.
The judge's classification of XRP as a commodity in the relevant case might pave the way for the approval of such ETFs.
Earlier this year, the SEC rejected several applications for spot Bitcoin ETFs, but later approved an application from Invesco to list an exchange-traded fund (ETF) that would allow investors to bet on Bitcoin futures.
At the beginning of the year, the SEC's stance was that it had concerns about the applicants' applications for spot Bitcoin ETFs, expressed in a statement from an SEC spokesperson.
"The SEC's concerns include, among other things, whether the applicants have fully met the requirements for approval, specifically the applicants' obligation to demonstrate that the ETF is being offered in the public interest and will not be subject to undue influence or manipulation."
The agency's classification of Ethereum, a ‘pure commodity,’ is being considered in contrast to XRP, which the SEC claims was sold in an unregistered, ongoing, and continuous manner to operate a common enterprise and a common scheme of a capital-raising enterprise, forming the basis of a security.
However, Judge Torres's ruling, which also
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