A few months ago, Smartereum reported the decision of SEC by Director Hinman, that BTC and ETH were not securities. The remarks were made at the Yahoo All Markets Summit held in San Francisco a few months ago.
Jay Clayton, SEC chairman, clarifies previous comments
A few months after the initial statement, Jay Clayton attempts to clarify the statements of Director Hinman. He stated that statements of the staff of the body are non-binding. They do not create enforceable rights as well as legal obligations of the parties or the commission.
Statements issued by staff of SEC often have a disclaimer that underscores the crucial distinction between the rules and regulations of the commission and the staff views.
The chairman went on to say that the authority would make a conscious effort to emphasize that employee’s comments shouldn’t be taken as a law by the Authority.
“As we carry out our market oversight functions, I believe we at the Commission should keep this important distinction in mind. Several weeks ago, I instructed the directors of the Division of Enforcement and the Office of Compliance Inspections and Examinations to further emphasize this distinction to their staff”.
What the news means for XRP
This disclaimer was noticed by members of the XRP community who pointed out the anomaly as a part of the efforts to dowse the FUD against the virtual asset. The FUD brands XRP as the most manipulated and centralized digital asset. This makes it more of a security and not just a digital asset.
Presently, Ripple has a few court casing still pending and awaiting judgment and this new statement clarifying the previous statement by SEC Chairman, Jay Clayton gives Ripple leverage against its standing charges. One of the charges includes the company issuing unregulated securities offering.