US Congressman Tom Emmer believes XRP is not a security and that US regulators should be more loyal to the cryptocurrency industry.
On August 20, with the participation of the Chamber of Digital Commerce, a conference dedicated to cryptocurrencies was held, to which industry leaders were invited. These include Circle CEO Jeremy Allaire, Ripple CEO Brad Garlinghouse, eToro US Managing Director Guy Hirsch, BitPay CEO Stephen Pair and Paxos CEO Chad Cascarilla Cascarilla).
In his speech, Garlinghouse stated that Ripple’s main problem is the lack of a clear legal status for XRP. He noted that last year, the US Securities and Exchange Commission (SEC) officially announced that it did not equate Bitcoin with securities. In addition, Heath Tarbert, chairman of the US Commodity Futures Trading Commission (CFTC), said in the fall that ether is not a security, but a commodity.
Garlinghouse called on American regulators to clarify their attitude towards other cryptoassets. He noted that due to regulatory uncertainty, Ripple has already been repeatedly accused of violating US securities laws. In response, Congressman Tom Emmer expressed the opinion that XRP is not a security. In addition, Emmer believes that because of their toughened attitude towards the industry, the American authorities risk “chasing” local startups to other jurisdictions.
Note that earlier, Emmer spoke out against centralized monetary systems and said that during the crisis, bitcoin will gain popularity. The Congressman is not alone in his conviction about XRP. Two months ago, former CFTC chairman Cristopher Giancarlo also announced that he did not classify XRP as a security.