{"id":461292,"date":"2021-04-14T20:00:43","date_gmt":"2021-04-14T20:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=461292"},"modified":"2021-04-14T19:37:06","modified_gmt":"2021-04-14T19:37:06","slug":"this-is-what-genslers-confirmation-could-mean-for-xrp","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-is-what-genslers-confirmation-could-mean-for-xrp\/","title":{"rendered":"This Is What Gensler&#8217;s Confirmation Could Mean For XRP"},"content":{"rendered":"<p>After an impressive rally in the past days, XRP is currently moving sideways trading at $1,76 with 2.7% losses in the 24-hour chart. However, the confirmation of Gary Gensler as the Securities and Exchange Commission (SEC) Chairman by the U.S. Senate could bring<a href=\"https:\/\/uniquehot.com\/news\/how-ripples-big-win-in-court-correlates-with-xrps-113-rally\/\"> further benefits to the token<\/a>.<\/p>\n<figure id=\"attachment_461309\" aria-describedby=\"caption-attachment-461309\" style=\"width: 812px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-461309 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP.jpg?resize=812%2C400\" alt=\"Ripple XRP\" width=\"812\" height=\"400\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP.jpg?w=812 812w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP.jpg?w=750 750w\" sizes=\"auto, (max-width: 812px) 100vw, 812px\"><figcaption id=\"caption-attachment-461309\" class=\"wp-caption-text\">XRP moving sideways in the 24-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/XRPUSDT\/\" rel=\"nofollow\">XRPUSDT Tradingview<\/a><\/figcaption><\/figure>\n<p>With 53 votes in favor and 45 against, the U.S. Senate gave \u201ca warm congratulations\u201d to Gensler. The new SEC chairman has a seemingly more positive stance towards cryptocurrencies.<\/p>\n<p>Before returning to public service, Gensler taught a course on cryptocurrencies and blockchain technology at the Massachusetts Institute of Technology (MIT).<\/p>\n<p>Therefore, he is expected to exercise more &#8220;balanced&#8221; actions during his administration. The regulator has a legal proceeding open against Ripple Labs and two of its executives for the alleged illegal sale of a security, XRP.<\/p>\n<p>Gensler&#8217;s arrival could exert a positive influence on a case that, many within the XRP community, consider unfair or disproportionate. Numerous members of the crypto industry have called for regulatory clarity from authorities in the United States.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC. He will be joining a dedicated staff that works tirelessly day in and day out on behalf of investors and our markets. 1\/2<\/p>\n<p>&mdash; U.S. Securities and Exchange Commission (@SECGov) <a href=\"https:\/\/twitter.com\/SECGov\/status\/59891202?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>A new approach to XRP\u2019s case<\/h2>\n<p>Lawyer Stephen Palley said Gensler is not \u201can enemy of crypto\u201d, adding the new SEC Chair could give the green light on more pro-crypto initiatives like SEC Commissioner Hester Peirce&#8217;s \u201csafe harbor proposal\u201d. Palley also <a href=\"https:\/\/twitter.com\/stephendpalley\/status\/13269761\" target=\"_blank\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>My own view, which I have slowly and somewhat grudgingly come to, is that current regs &amp; caselaw don&#8217;t make sense when applied (unevenly) to crypto projects that require tokens for functionality.<\/p><\/blockquote>\n<p>The lawyer stated Gensler&#8217;s approach could be conventional but have a \u201cpragmatic and practical\u201d motivation to change some SEC regulations. In doing so, the enforcement priorities could get \u201cclearer\u201d. Palley added:<\/p>\n<blockquote><p>Like if a current platform seems pretty clearly to be a securities exchange under the &#8217;34 act and the SEC is letting it ride. perhaps some informal guidance about when a web interface to an on-chain swap protocol is or is not a national securities exchange.<\/p><\/blockquote>\n<p>Commissioner Peirce Safe Harbor has been uploaded to GitHub and, although is not an official SEC regulation, has been getting a lot of feedback from the crypto community.<\/p>\n<p>The \u201c<a href=\"https:\/\/github.com\/CommissionerPeirce\/SafeHarbor2.0\" rel=\"nofollow\">Safe Harbor 2.0\u201d<\/a> contemplates a \u201cTime-limited exemption for Tokens\u201d. This proposal seems to have a more dynamic approach to crypto regulation and the evolution of a token.<\/p>\n<p>Therefore, an asset like XRP could have been offered and sold as a security and then traded \u201coutside of an investment contract\u201d. In doing so, the Token can become part of a decentralized network and no longer be susceptible to traditional securities regulation.<\/p>\n<p>To achieve this status, as XRP seems to have, the token must be \u201cfreely\u201d tradeable and distributed to a <a href=\"https:\/\/uniquehot.com\/news\/ripple\/ripple-cto-hints-at-xrp-ledger-upgrades-to-enable-an-nft-strategy\/\">diverse group of \u201cparticipants in the network\u201d<\/a>. The proposal adds:<\/p>\n<blockquote><p>The application of the federal securities laws to the primary distribution of Tokens and secondary transactions frustrates the network\u2019s ability to achieve maturity and prevents Tokens sold as a security from functioning as non-securities on the network.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>After an impressive rally in the past days, XRP is currently moving sideways trading at $1,76 with 2.7% losses in the 24-hour chart. However, the confirmation of Gary Gensler as the Securities and Exchange Commission (SEC) Chairman by the U.S. Senate could bring further benefits to the token. With 53 votes in favor and 45 against, the U.S. Senate gave \u201ca warm congratulations\u201d to Gensler. The new SEC chairman has a seemingly more positive stance towards cryptocurrencies. Before returning to public service, Gensler taught a course on cryptocurrencies and blockchain technology at the Massachusetts Institute of Technology (MIT). Therefore, he is expected to exercise more &#8220;balanced&#8221; actions during his administration. The regulator has a legal proceeding open against Ripple Labs and two of its executives for the alleged illegal sale of a security, XRP. Gensler&#8217;s arrival could exert a positive influence on a case that, many within the XRP community, consider unfair or disproportionate. Numerous members of the crypto industry have called for regulatory clarity from authorities in the United States. &quot;A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC. He will be joining a dedicated staff that works tirelessly day in and day out on behalf of investors and our markets. 1\/2 &mdash; U.S. Securities and Exchange Commission (@SECGov) April 14, 2021 A new approach to XRP\u2019s case Lawyer Stephen Palley said Gensler is not \u201can enemy of crypto\u201d, adding the new SEC Chair could give the green light on more pro-crypto initiatives like SEC Commissioner Hester Peirce&#8217;s \u201csafe harbor proposal\u201d. Palley also said: My own view, which I have slowly and somewhat grudgingly come to, is that current regs &amp; caselaw don&#8217;t make sense when applied (unevenly) to crypto projects that require tokens for functionality. The lawyer stated Gensler&#8217;s approach could be conventional but have a \u201cpragmatic and practical\u201d motivation to change some SEC regulations. In doing so, the enforcement priorities could get \u201cclearer\u201d. Palley added: Like if a current platform seems pretty clearly to be a securities exchange under the &#8217;34 act and the SEC is letting it ride. perhaps some informal guidance about when a web interface to an on-chain swap protocol is or is not a national securities exchange. Commissioner Peirce Safe Harbor has been uploaded to GitHub and, although is not an official SEC regulation, has been getting a lot of feedback from the crypto community. The \u201cSafe Harbor 2.0\u201d contemplates a \u201cTime-limited exemption for Tokens\u201d. This proposal seems to have a more dynamic approach to crypto regulation and the evolution of a token. Therefore, an asset like XRP could have been offered and sold as a security and then traded \u201coutside of an investment contract\u201d. In doing so, the Token can become part of a decentralized network and no longer be susceptible to traditional securities regulation. To achieve this status, as XRP seems to have, the token must be \u201cfreely\u201d tradeable and distributed to a diverse group of \u201cparticipants in the network\u201d. The proposal adds: The application of the federal securities laws to the primary distribution of Tokens and secondary transactions frustrates the network\u2019s ability to achieve maturity and prevents Tokens sold as a security from functioning as non-securities on the network.<\/p>\n","protected":false},"author":535,"featured_media":461294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894],"tags":[3680,4531],"class_list":["post-461292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\n<title>This Is What Gensler&#039;s Confirmation Could Mean For XRP<\/title>\n<meta name=\"description\" content=\"After an impressive rally in the past days, XRP is currently moving sideways trading at $1,76 with 2.7% losses in the 24-hour chart. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"This Is What Gensler's Confirmation Could Mean For XRP","description":"After an impressive rally in the past days, XRP is currently moving sideways trading at $1,76 with 2.7% losses in the 24-hour chart. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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