Gary Gensler, who was being questioned about cryptocurrencies, did not provide an answer when asked if Ethereum is considered a commodity or a security. This has caused some crypto communities to doubt his intentions and reliability.
Kaj Leroy, who founded XRP Ledger projects, viewed the intense questioning as “extremely bullish” for Ripple, stating that Gensler may not have the resources or credibility to handle both the lawsuit and the congressional battles.
Lawyer Bill Morgan criticized Gensler for not clarifying whether Ethereum is a commodity or a security despite it being traded for nine years and having a daily trading volume of over $9 billion.
On the other hand, John Deaton, who represents XRP holders, believed that the hearing had dispelled any doubts about Gensler’s intentions.
The SEC’s actions against Ripple have been criticized by the XRP community, who believe that the company has been unfairly targeted and prevented from functioning properly.
Perry Parker, an XRP supporter on Twitter, has shared an image that he believes is particularly pertinent given the current ongoing hearing that could potentially result in Gensler being removed from his position as SEC Chair.
John Deaton’s Take on SEC Expanding its Jurisdiction
The Cryptolaw founder posted a tweet in which he mentioned that he had created a video in the year 2021 and proceeded to share its content.
Although the legal dispute is ongoing, recent developments indicate that the XRP community supports Ripple and opposes what they perceive as excessive enforcement measures by the SEC.