The U.S Securities and Exchange Commission has been paying close attention to cryptocurrencies since the 2017 cryptocurrency bull run that was followed by the launch of many ICOs. Last year, Jay Clayton, the chairman of the SEC, said that many ICOs fall under the securities category and should be controlled using security laws. Some exchanges were accused of selling unregistered securities and had to face the penalty. While the SEC clarified that Bitcoin isn’t a security, it didn’t say anything about XRP and it was unclear about ETH. This is why people have been asking; is Ethereum a security? Is XRP a security? Now, the SEC has announced that it is looking for a cryptocurrency securities expert per the report on CoinDesk.
Is Ethereum A Security? Is XRP A Security: Answers Closer Than Ever As SEC Seeks Cryptocurrency Specialist
The U.S. Securities and Exchanges Commission, published a job posting on USAJobs. Per the job posting, it is looking for another cryptocurrency specialist who has the experience required to address the security status is cryptocurrencies like XRP and ETH. Per the job posting the candidate will “apply knowledge of federal securities laws to digital asset securities and crypto matters, i.e., broker-dealer, exchange, clearing agency and transfer registrations, exchange product applications, sales and trading practices, etc.”
XRP (XRP) Price Today – XRP / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.80% |
The selected candidate will serve as a divisions lead representative in the FinTech Working Group with the SEC. He or she would also serve as a liaison with another group, the Digital Assets Working Group of the Financial Stability Oversight Council within the SEC. The selected candidate will be the point of contact in the division for other regulatory bodies.
U.S. SEC Looks For Cryptocurrency Security Expert: What This Means For XRP And ETH
The two most common questions in the cryptocurrency space at the moment are; is XRP A Security and is Ethereum a security. As the cryptocurrency market starts to recover against the USD, digital asset investors are becoming more interested in the security status of cryptocurrencies. No one wants to get into trouble with the SEC. After a recent verdict by the SEC against ICOs, however, it became clear that the XRP and ETH SEC saga may not be a problematic as we imagined. How so?
Some ICOs that were found guilty of selling unregistered securities got their verdict a few days ago. To the surprise of many, the verdict was less serious than expected. The SEC simply asked the offenders to pay a fine and refund investors with interest. Some ICOs didn’t pay any fine at all. So, even if the SEC declares XRP and ETH securities, this doesn’t automatically mean it’s the end for both cryptocurrencies. Sure, there might be a panic sell-off at the time but it’s not going to have any permanent long-term adverse effect as long as Ripple and Ethereum are willing to corporate with the SEC and follow its recommendations.
What do you think? Is XRP a security? Is Ethereum a security? Will the U.S Securities and Exchange Commission’s verdict adversely affect the second and third largest cryptocurrencies per market capitalization? Share your thoughts in the comment section.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
