SEC Chief Confirms Ethereum Is Not a Security, Binance-Backed Wallet Adds XRP, and Tron Volume Surges: Crypto Update

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Ethereum

US Securities and Exchange Chief Jay Clayton says he agrees with analysis from the agency’s corporate finance director Bill Hinman, who found that Ethereum is not a security.

In a new letter to US Congressman Ted Budd, Clayton says,

“I agree that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument. A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract, but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition.

I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.”

You can check out the full letter from Clayton here.

XRP

Binance-backed Trust Wallet has officially added XRP, as well as support for debit and credit cards.

“By integrating XRP, the third largest cryptocurrency by market cap, Trust Wallet now supports 17 blockchains and provides users with access to hundreds of DApps via its Web3 browser. Trust Wallet users can also purchase XRP, BTC, BCH, LTC and ETH with major credit and debit cards through its integration with payment processing company Simplex.”

Binance bought Trust Wallet in July of 2018. It will become the native wallet for Binance DEX, the company’s decentralized exchange that’s currently in beta with an official release scheduled in the second quarter of this year.

Tron

Tron (TRX) decentralized app (DApp) volume continues to surge, recording an all-time high for all blockchains last week, according to DappReview.

The surge is thanks in large part to gambling DApps, which are thriving on Tron and EOS.

#TRON #Dapps has a crazy week with 43 Million USD volume on Mar.6.
It's the record HIGH in 2019 across all the public chains. The big contributor is @TRONbet and @888Tron @justinsuntron @TronNews_@Tronfoundation pic.twitter.com/mk36JC4yRT

— DappReview (@dapp_review) March 11, 2019