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satisfaction and disappointment
US Securities and Exchange Commission (SEC) chairman Gary Gensler said in an exclusive interview with Yahoo! But he also said he felt “disappointed”.
Judge Analisa Torres of the US District Court (Southern District Court of New York) said on the 13th that although Ripple’s method of selling XRP to institutional investors violated US securities laws, common investors via virtual currency exchanges. is not the same as selling securities.
The SEC’s lawsuit against Ripple has been going on for about two and a half years, but this ruling marks a break.
In response to this ruling, major US exchanges Coinbase and Kraken immediately decided to re-list XRP. It was seen as a “triumph (a big step forward)” for the cryptocurrency industry, and the price of XRP more than doubled from the previous day.
connection:“The XRP virtual currency in itself is not a security,” the US district court ruled
Gensler said he was “satisfied” with the assessment that the tokens being sold to institutional investors were securities, but “disappointed with the interpretation regarding retail investors”, adding, “Regarding this decision, (including the possibility of the Chair making similar comments at the National Press Club event the other day). The same.
Impact on Other Lawsuits
Asked whether the New York District Court ruling could set a precedent for other ongoing lawsuits, Gensler declined to give a direct answer.
This cryptocurrency platform combines customer-facing transactions and packaged services that are not permitted by other parts of our capital market.
When asked if the market might reconsider making new rules specific to cryptocurrencies given the market’s regulatory turmoil, Gensler replied, “It’s been a long time since that decision, and it’s too early for the SEC to jump to conclusions,” he said, but reiterated that there are already rules. clear, and said he would continue to consider it.
And when asked for his opinion on the Republican Council Financial Services Committee’s new regulatory framework, specifically the “decentralization test” for tokens, Gensler said he would answer lawmakers directly.
On the other hand, when it comes to decentralization, the crypto industry is also not immune to a financial economy where finances tend to be centralized, and in fact many tokens are run by centralized groups. He said that it was “centralized” like.
The risks posed by AI
Gensler also spoke about the risks posed by artificial intelligence (AI). For financial markets, he warns that AI could destabilize the global economy if big tech firms monopolize its development.
Because AI derives the same signals from a single underlying model or data collection program, this can facilitate the formation of clusters where each party makes similar decisions, potentially increasing financial fragility. You can imagine. It may also exacerbate the network interconnectivity inherent in the global financial system.
Gensler argues that many financial stability AI challenges require new thinking about regulatory intervention. He said an update to the risk management guide was needed and it was not sufficient in its current form.
If a trading platform’s AI system takes the interests of the platform and its customers into account, “it could create a conflict of interest,” he said. As a specific example, he mentions the possibility of AI optimization for intermediaries to prioritize their own interests over those of investors. It has asked SEC officials to submit regulatory proposals as a consideration of how best to deal with such a situation, the people said.
The post SEC Chairman Gensler Makes First Comment on Ripple Trial Ruling appeared first on Our Bitcoin News.
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