{"id":176133,"date":"2023-10-18T02:07:23","date_gmt":"2023-10-17T20:37:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176133"},"modified":"2023-10-18T02:07:23","modified_gmt":"2023-10-17T20:37:23","slug":"ripple-cto-poses-though-provoking-question-to-the-sec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ripple-cto-poses-though-provoking-question-to-the-sec-crypto-news\/","title":{"rendered":"Ripple CTO Poses Though-Provoking Question to the SEC – Crypto News"},"content":{"rendered":"

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As a reaction to a tweet made earlier on the X app by the United States Securities and Exchange Commission (SEC), David Schwartz, the Chief Technology Officer (CTO) of fintech company Ripple Labs has <\/span>hit<\/span><\/a> the regulator with a question concerning the security status of Ethereum (ETH).<\/span><\/p>\n

The Ripple CTO Prod<\/strong><\/h2>\n

On Monday, top crypto media platform Cointelegraph told the public that the SEC had greenlighted BlackRock\u2019s spot Bitcoin (BTC) Exchange Traded Fund (ETF) application. The news caused an uproar in the broad cryptocurrency ecosystem triggering a surge in the price of BTC to about 10% against the U.S. dollar.\u00a0<\/span><\/p>\n

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However, Cointelegraph released an update a few minutes later, stating that the news is false and was posted as a result of misinformation. By the time this update and apology was released, all excitement surrounding the BTC ETF had died down and prices <\/span>returned<\/span><\/a> to their former levels after first plunging.<\/span><\/p>\n

The SEC took to the X app to encourage members of the public to remain vigilant and careful about the information they read on the internet, adding that \u201cthe best source of information about the SEC is the SEC. In what was perceived as a mockery inquiry, Ripple CTO, David Schwartz immediately asked the SEC if it thinks that people selling ETH on exchanges make up investment contracts.<\/span><\/p>\n

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Awesome. Does the SEC think people selling ETH on exchanges are selling securities? I’d like to hear from the best source. https:\/\/t.co\/Mvgaa9DgUH<\/a><\/p>\n

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\u2014 David “JoelKatz” Schwartz (@JoelKatz) October 17, 2023<\/a><\/p>\n<\/blockquote>\n

Till the time of this writing, no response has been given by the U.S. regulator regarding Schwartz\u2019s question. Justifiably, the SEC gave no response to this question as it understands that an answer is pivotal and is likely to cause a rancour in the crypto space.<\/span><\/p>\n

SEC Ties With Ethereum<\/strong><\/h2>\n

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Meanwhile, it is worth noting that XRP is the only token with a legal status in the United States as non-securities. Besides Bitcoin (BTC), neither Ethereum (ETH) nor any other cryptocurrency have been officially and legally recognized as non-securities.\u00a0<\/span><\/p>\n

XRP token bagged this ranking after Judge Analisa Torres <\/span>ruled<\/span><\/a> that the coin is non-securities on July 13th.\u00a0<\/span><\/p>\n

There has also been some controversies surrounding ETH\u2019s non-securities classification by William Hinman, a former SEC official. It is strongly believed that Vitalik Buterin, Ethereum\u2019s co-founder <\/span>influenced<\/span><\/a> the Hinman speech after a consultation with the latter.\u00a0<\/span><\/p>\n

While the SEC official claimed that a much referenced call between himself and Buterin was just to understand how the Ethereum Foundation operates, many believe that there is more to it, lending another intrigue to Schwartz\u2019 question.<\/span><\/p>\n

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\u2713 Share:<\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

As a reaction to a tweet made earlier on the X app by the United States Securities and Exchange Commission (SEC), David Schwartz, the Chief Technology Officer (CTO) of fintech company Ripple Labs has hit the regulator with a question concerning the security status of Ethereum (ETH). The Ripple CTO Prod On Monday, top crypto […]<\/p>\n","protected":false},"author":2,"featured_media":176134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-176133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=176133"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176133\/revisions"}],"predecessor-version":[{"id":176136,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176133\/revisions\/176136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/176134"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}