The Great Ripple Debate: FinCEN Ruling Labels XRP a Currency, Not a Security

The US SEC has decided Bitcoin and Ethereum will not be regulated as securities but the debate continues to rage over Ripple, the third-largest cryptocurrency by market capitalization. Some argue US FinCen has already set a precedent for Ripple’s definition, which will mean the SEC must eventually follow suit.
June has seen the US Securities and Exchange Commission (SEC) make clear that Bitcoin (BTC) and Ethereum (ETH) are not securities and will not be regulated as such. Ripple’s (XRP) classification, however, is still up for debate – or is it?
Some believe a ruling by the US Financial Crimes Enforcement Network (FinCEN) in 2015 sets a definition for the native coin of the Ripple network, XRP, within the US federal government that cannot be superseded by the SEC. As Twitter user Richard Holland (@codetsunami) notes:

FinCEN already signed an agreement with Ripple Inc. allowing them to continue their XRP sales. If XRP is an unlicensed security then FinCEN now has to explain why they signed an agreement allowing the sale of said unlicensed securities. Never going to happen. XRP isn’t a security
— Richard Holland (@codetsunami) June 17, 2018

In a 2015 civil enforcement by FinCEN, Ripple Labs was …

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