The Securities and Exchange Commission (SEC) recently dropped its charges against Consensys, an Ethereum developer and incubator. This development was seen as a significant victory the altcoin industry as a whole. However, Ripple’s Chief Legal Officer Stuart Aldy believes that there are still crucial questions left unanswered, such as whether Ether is considered a.
Consensys announced on Wednesday that the SEC’s Enforcement Division had informed them of closure of their investigation into Ethereum 2.0. While Consensys hailed this decision as “momentous” for the industry, some members of the XRP community expressed outrage what they deemed to be the SEC’s arbitrary decision-making in relation to cryptocurrencies.
Aoty joined other leaders in both the crypto space and other industries who have been vocal in their criticism of Chairman Gary Gensler and his approach towards cryptocurrency regulation. Joe Lubin, founder Consensys and co-founder of Ethereum alongside Vitalik Buterin and Gavin Wood, also believes that more needs to be done in terms of clear regulations that foster innovation.
Even figures within President Biden’s administration have voiced concerns about Gler anti-crypto stance, arguing that it could have negative consequences for his political ambitions. Billionaire Mark Cuban has revealed that he has been discussing this issue lawmakers.
The campaign against Gensler seems to be having an effect on the SEC with recent reports suggesting that they might not appeal the ruling on Ripple. In response to these developments, XRP experienced a slight dip in value over the past day after seeing significant gains earlier this week.
In conclusion, while Consensys celebrated its victory over SEC charges, important questions regarding Ether’s classification remain unanswered according to Ripple’s Chief Legal Officer Stuart Alderoty. The backlash against Gensler extends beyond just crypto leaders and even includes figures within President Biden’s government who fear potential repercussions for his political aspirations.