Grayscale, Ripple’s Court Victory Leaves SEC Boss Grumbling In Silence

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), was forced to maintain an uneasy quiet due to the recent court triumphs of Ripple and Grayscale, which have raised questions about the regulatory path of the cryptocurrency business in the United States.

News has it that when the court ruled in favor of Ripple, declaring that the cryptocurrency XRP did not qualify as a security, it severely blew the SEC’s long-running action against the company. Ripple and its supporters had long contended that XRP was a digital asset rather than a security subject to SEC restrictions; thus, this judgment was a significant triumph for them.

The Securities and Exchange Commission (SEC) has been looking into whether Grayscale’s products despite the court ruling. Gensler has come under fire for how the SEC handled these instances, raising questions about the regulatory consistency and clarity required in the bitcoin industry.

Gensler Urges Openness During Congressional Hearings, Introduces Liquidity Hub

Gensler has intentionally changed his narrative in response to the Ripple defeat, emphasizing that judgments in cryptocurrency-related disputes are communal rather than unilateral choices made by the Commission. While speaking to the Daily Coin platform, Cryptocurrency market watcher Kyle Calvert said that this strategy is an effort to shift responsibility and portray the SEC as a group making judgments in the public’s best interests.

However, discussions concerning the SEC’s influence on the development of cryptocurrencies have also been sparked by Gensler’s remarks during congressional hearings. He (Gensler) has stressed the necessity of openness and accountability in regulatory decisions throughout these hearings.

Gensler clarified that all SEC Commissioners must agree to approve these ETFs. During his appearance at the Congressional hearing, Gensler revealed that SEC is being unreasonable on the court order. In other news, Ripple has officially announced its expansion of its Liquidity Hub.

The company has announced that it will be introducing the Liquidity Hub. In Australia and Brazil, it offers companies an opportunity to acquire more structured channels for trading, acquisition, and retention of digital assets.

SEC Criticized For BTC ETFs, Cryptocurrency Improvise Future With Grayscale

The SEC’s willingness to accept financial products based on cryptocurrencies and its cautious approach to regulatory approvals have both been called into doubt by this remark. The SEC has come under fire from many in the cryptocurrency sector for delaying the approval of cryptocurrency/BTC ETFs, claiming that such products might give investors greater access to the market for digital assets while strengthening regulatory control.

Calvert admonished that regulatory bodies like the SEC will have more difficult problems as the industry continues to develop and expand without a proper guideline or plan for balancing innovation and investor protection. The online cryptocurrency community has started improvising the cryptocurrency industry in a post-Grayscale court case.

Recall that the court, earlier last month, gave Grayscale Bitcoin Trust (GBTC) a go-ahead order to commence a BTC Exchange-Traded Fund (ETF), which experts believe will fasten the process of a spot BTC Exchange submitted by cryptocurrency key players like Bitwise, Blackrock, and Fidelity.

It was also gathered that from the information available about the Liquidity Hub, it will help businesses access many liquidity pools, which will also come with many unique trading functions – and all can be accessed through an API. The Liquidity Hub will be accessible in 35 states in the United States, including Pennsylvania, Arizona, and Georgia.