**SEC’s Uyeda Affirms Bitcoin and Ethereum Are Not Securities; XRP Status Remains Unclear Despite Ripple Court Victory**
In a recent CNBC interview, Acting SEC Chair Mark Uyeda confirmed that Bitcoin and Ethereum do not fall under the category of securities, echoing previous statements made by former Chair Gary Gensler. Uyeda clarified that trading these cryptocurrencies would not be considered insider trading according to securities laws. However, when asked about the classification of XRP, he chose not to comment, leaving its legal status uncertain.
The SEC’s position on Bitcoin and Ethereum has been consistent since 2018, when then-Director William Hinman referred to both as commodities in a notable speech. While Gensler was somewhat evasive regarding Ethereum during his time in office, he upheld this distinction. In contrast, XRP’s situation took a different turn: a 2023 court ruling determined that XRP is not a security in retail sales, marking a significant win for Ripple. Although the SEC initially sought to appeal this decision, it later dropped the challenge, effectively concluding the case without providing further clarity.
Uyeda stated, “My predecessor, Chairman Gensler, has made it pretty clear that Ethereum and Bitcoin are not securities. If involved either of those two, it would not be insider trading because it does not involve the purchase of securities.” Ripple’s choice to withdraw its cross-appeal last month has wrapped up this legal chapter, yet the SEC has not formally recognized the outcome. This lack of acknowledgment has led to speculation about future enforcement actions, especially concerning tokens with mixed use cases.
Uyeda’s comments reinforce existing regulatory frameworks but do not address ongoing uncertainties. By avoiding a direct discussion on XRP, the SEC leaves the door open for case-by-case evaluations, which can create ambiguity for similar digital assets. Hinman’s 2018 speech continues to play a crucial role in shaping how tokens are assessed, with his classification of Ethereum as a commodity now reflected in Uyeda’s statements. However, the SEC’s hesitance to establish formal criteria means that the industry remains reliant on court decisions rather than clear regulatory policies.
As for Ripple (XRP), it is currently trading at $1.89 USD, reflecting a modest 0.8% increase in the last 24 hours, with a robust daily trading volume exceeding $14.5 billion. Despite a 9.78% decline over the past week, which mirrors the broader trends in the crypto market, XRP boasts a market capitalization of approximately $110.5 billion, placing it fourth globally.
Recent trading activity shows XRP fluctuating between $1.65 and $1.97 over the past day. While it remains 44% below its all-time high of $3.40, it has surged an impressive 70,000% from its all-time low, highlighting its long-term growth potential. Additionally, XRP has experienced a year-over-year increase of over 217%, indicating strong bullish momentum in the long run, despite some short-term volatility. Ripple continues to focus on enhancing cross-border payment infrastructure, positioning itself for future growth.
