#BONK Ripple CTO David Schwartz and lawyer Bill Morgan expressed concerns over the US SEC definition of "#Cryptoassets security"Ripple chief technology officer (CTO) David “JoelKatz” Schwartz expressed concerns over the U.S. Securities and Exchange Commission’s (SEC) definition of “crypto asset security”.Under Chair Gary Gensler, the SEC refers crypto asset security to assets including digital assets, virtual currencies, coins, and tokens. They believe all the abovementioned assets meet the definition of “security” under the federal securities laws.Ripple CTO David “JoelKatz” Schwartz Contradicts SECRipple CTO David “JoelKatz” Schwartz reacted to an SEC filing in the Wahi lawsuit. He said the SEC’s “crypto asset security” definition only matches to something like tokenized stock. The SEC is potentially spreading wrong information in the government.He explained that “things you transfer with distributed ledgers” tokens are not contracts, #transactions , or schemes. Hence, they cannot be categorized as investment contracts. “So for them to be a security, they’d have to meet one of the other criteria for being a security under US law.”Also, the term “asset” is ambiguous. He gave an example that when someone sells an apple, the asset received is not just the apple. “You also have the right to sue me if the apple is defective which is part of the asset you bought.” Gary Gensler that almost everything in the crypto industry is a security, including those well-established are not securities.Judge Torres had ruled that programmatic sales of $XRP is not a security under the Howey Test. However, Gensler disagrees with the court.Pro-XRP lawyer Bill Morgan added that the SEC has used terms like ‘crypto asset securities’ and ‘crypto securities markets’ to push an agenda. He asserts the SEC is spreading propaganda.Morgan cleared that these terms are not found in the US securities legislation. Also, the SEC cannot and will not define these terms as they believe no rulemaking is needed for crypto.“The SEC produced a definition of crypto asset securities instead of just using the term the market would have some criteria to decide whether a crypto is a crypto asset security. But the SEC cannot even tell Congress whether #ETHEREUMS is a security. It doesn’t even have a definition for its own terms.”Meanwhile, Coinbase knocks on the court’s door as the SEC has officially denied the request for crypto rulemaking. The SEC claimed “existing securities laws apply to cryptocurrencies, “SEC addresses the crypto securities markets through rulemaking as well,” and “it is important to maintain Commission discretion in setting its own rulemaking priorities.”🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. #BinanceTournament @WISE CRYPTO NEWS

The European Central Bank dismisses #Bitcoin as a "speculative asset" and reaffirms its commitment to the development of a Digital Euro (#CBDC ). ECB Executive Director Isabel Schnabel emphasizes the differences and outlines the cautious approach towards #Cryptoassets

💬 ECB's Stance: Schnabel, speaking through the ECB X account, clarifies that the #centralbank has no plans to purchase $BTC , categorizing it as a speculative asset that lacks the characteristics of money. The ECB remains focused on its exploration of a digital euro
Digital Euro Development: Schnabel underscores the ECB's commitment to the digital euro, aiming for a fast, easy, and secure instrument for daily payments. The ECB sees this digital currency coexisting with physical #money , not replacing it, in efforts to adapt to an evolving financial landscape
🔍 Lack of Intrinsic Value: The ECB cites concerns over crypto-assets, emphasizing their perceived lack of intrinsic economic value, high volatility, and speculative nature. Schnabel notes that Bitcoin's market valuation is driven purely by speculation
🚫 Bitcoin Rejection: Schnabel explicitly states, "The ECB is very unlikely ever to buy BTC reinforcing the central bank's stance on steering clear of the leading cryptocurrency. The ECB's strategic vision aligns with a regulated and controlled digital euro
🚀 Digital Euro Benefits: The ECB aims to launch the digital euro in 2026, under strict regulatory supervision. Schnabel highlights its potential as a widely accepted, secure, and privacy-respecting payment option. The digital euro is positioned to coexist with traditional cash
🤨 Privacy Concerns Addressed: Schnabel dismisses concerns about personal privacy related to the digital euro, asserting that it would offer an additional, ECB-backed payment option while meeting the highest privacy standards, akin to physical cash
In summary, the ECB's cautious approach to Bitcoin aligns with its strategic focus on developing a regulated and controlled digital euro. The central bank aims to address evolving financial needs while maintaining privacy standards and steering clear of speculative assets