Crypto Market News: With Congress hearing well established that there is a general consensus on the prevailing confusion over whether a majority of cryptocurrencies are securities or commodities, XRP token holders are beginning to believe that there may be upside in the ongoing SEC Vs Ripple lawsuit. US Securities and Exchange Commission (SEC) Chairman Gary Gensler faltered in his answer to a question about whether Ethereum (ETH) is a security or a commodity during the SEC oversight hearing. The question was specifically asked by Patrick McHenry, the chairman of the US House Financial Services Committee.

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Chairman McHenry surprised the crypto market with his initial arguments for starting the hearing on Tuesday. He had fooled Gensler with the specific question of whether ETH is a security or a commodity, to which Gensler tried to give a generic answer. Taking several examples from the CFTC, a former SEC official and a New York state attorney with conflicting views on the same issue, McHenry rightly argued that there is clearly a lack of clarity on the subject not only within regulatory bodies but also among market participants .

How would the congressional hearing help Ripple’s case

The heated debate over cryptocurrencies’ oversight and regulatory authority could potentially lend support to Ripple’s argument in the SEC lawsuit. Ripple had maintained that XRP tokens were not sold as securities in recent years, contrary to the SEC’s claim. Meanwhile, further Congressional action against the SEC and Gary Gensler could likely add to Ripple’s argument. Congressman Warren Davidson had the hearing called for restructuring the SEC and firing Chairman Gary Gensler from his position for abuse of power and failure to protect investors.

Meanwhile, regardless of the outcome of the Gensler hearing, the XRP community was hoping for a victory in the SEC Vs Ripple lawsuit, the summary of which is expected to be around the corner.

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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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