Attorney Specializing in XRP Sets the Record Straight with Congress Regarding Misunderstandings about Ethereum’s Security Classification.

Prominent XRP advocate and attorney, Bill Morgan, has taken to social media to correct a statement made by the U.S. House Committee on Financial Services regarding the classification of Ethereum (ETH) as a security. The committee claimed that the Securities and Exchange Commission (SEC) had classified ETH as a security, which Morgan clarified is not the case. He explained that the SEC is actually investigating whether certain transactions involving the offer and sale of ETH constitute investment contracts. Morgan emphasized the need for Congress to understand the distinction between classifying an asset as a security and investigating specific transactions involving the asset. He criticized policymakers for not reading the summary judgment decision in the SEC v. Ripple lawsuit, in which the judge ruled that XRP itself is not a security but certain transactions involving the token may be considered investment contracts. The SEC’s investigation into ETH transactions is similar in nature. In March, it was reported that the SEC had issued a subpoena to the Ethereum Foundation, further indicating its efforts to regulate ETH. In response, Consensys, a major Ethereum supporter, filed a lawsuit against the SEC in a Texas federal court to prevent the classification of ETH as a security. This article is for informational purposes only and should not be taken as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.