XRP vs. SEC: BTC and ETH Cleared — But What’s the Verdict on XRP?

Acting SEC Chairman Mark Uyeda has said publicly that BTC and ETH are not securities. His position aligns with previous views expressed by Gary Gensler (the former Commission Chair). In a recent interview, Uyeda emphasized that BTC or Ethereum transactions are outside the SEC’s insider trading rules because they are not classified as securities. His statements clarify markets navigating crypto regulation uncertainty after years of shifting positions from the agency.

However, Uyeda did not address the status of XRP. Although directly asked by host Andrew Ross Sorkin, Uyeda offered no comment on whether this cryptocurrency qualifies as a security. This silence highlights ongoing market uncertainty, particularly given the recent XRP SEC case withdrawal. The Commission allowed a federal court’s decision to stand unchallenged by withdrawing its appeal, even as it remains silent on XRP’s status.

A Clear Stance on Bitcoin and Ethereum

These comments provide a rare moment of clarity in the Commission’s crypto classification approach. Uyeda’s confirmation that both BTC and Ethereum are not securities matches previous views from former officials. This includes William Hinman, whose 2018 speech controversially called ETH and BTC commodities. Uyeda clearly stated that insider trading laws would not apply to transactions involving these two digital currencies as they do not meet the definition of a security.

Statement from Acting Chairman Mark Uyeda: Pursuant to Executive Order 14192, Unleashing Prosperity Through Deregulation, together with recommendations from DOGE, I have requested Securities and Exchange Commission staff promptly to review the following staff statements.

— U.S. Securities and Exchange Commission (@SECGov) April 5, 2025

This announcement aligns with a broader deregulatory effort within the Commission. It is reassessing many staff statements and digital asset frameworks under Executive Order 14192. Uyeda directed staff to review the 2019 Framework for Investment Contract Analysis and other crypto advisories. These actions indicate growing internal alignment toward a more predictable, innovation-friendly crypto policy at the agency.

Crypto Regulation Realignment Under Uyeda

Uyeda’s initiative to review and potentially revoke prior Commission statements marks a significant shift from Gary Gensler’s leadership stance. Many of these statements were responses to crypto bankruptcies and perceived market instability. Current reviews aim to align agency policy with a more business-friendly regulatory environment, matching the Trump administration crypto vision.

Reviewed documents include the 2021 advisory warning against Bitcoin futures exposure and a 2022 guidance on crypto market disclosure. These documents point to a risk-averse regulator often accused by the industry of harming innovation. Uyeda’s review suggests an institutional shift that may encourage more institutional investment and public confidence in crypto assets.

The XRP Question Remains Unanswered

While clarifying the Bitcoin and ETH status, Uyeda remained silent regarding XRP. This silence drew attention, especially after the agency dropped its appeal in the lengthy XRP SEC case. The court had ruled that XRP is not inherently a security, representing a significant win for Ripple. Nevertheless, the absence of an official stance from Uyeda or the Commission leaves potential for renewed future scrutiny.

Legal experts and industry stakeholders believe the regulator might also be reconsidering the XRP classification, which could significantly impact XRP price prediction. However, the market remains uncertain about regulatory frameworks without a definitive statement. Uyeda’s refusal to discuss this digital currency during his interview indicates his cautious approach. This may be due to ongoing internal discussions or expected agency leadership changes.

A New Era for Crypto Regulation?

Uyeda’s remarks and broader policy shifts at the Commission suggest a significant departure from the rigid oversight of recent years. Confirming the non-security status of BTC and Ethereum gives the industry a clearer path forward, at least for the largest cryptocurrencies. It could encourage institutional participation and the development of compliant financial products like ETFs and derivatives.

Nonetheless, Uyeda’s silence on Ripple keeps the broader regulatory landscape and XRP price prediction uncertain. The refusal to confirm or deny this currency’s classification remains a critical issue for an industry that requires clarity. While awaiting a new Commission Chair confirmation, the focus is on how new agency leadership addresses unresolved questions. The path forward appears clearer but remains far from complete.