SEC Announces it Now Accepts BTC, ETH, XRP for Levied Fines
In a move that shows they are truly forward-thinking and willing to embrace emerging financial technology, the U.S. Securities and Exchange Commission (SEC) announced Thursday that they will now accept the cryptocurrencies Bitcoin, Ethereum, and XRP for all of their levied fines.
“We dole out MILLIONS of dollars of fines a year,” said Gary Gensler, current SEC Chairman, “and we're always looking for easier ways to get paid. With cryptocurrency—especially XRP—wowee! It's such a great payment mechanism. It was a no-brainer, really.”
SEC Chairman Gary Gensler expressing his excitement about the commission now accepting digital currencies like XRP for all of their millions in annual levied fines in a Zoom announcement Thursday.
The commission was forced to defend itself after the announcement, particularly from the online 'XRP Community,' who pointed out that the current SEC lawsuit against blockchain payments company Ripple is claiming that XRP is a security rather than a currency.
“Okay, but it's easy to explain,” said Gensler to XRP_Productions reporters. “Is XRP a security? Yes. Is it an excellent-to-use currency? Yes. Are we gonna get rich by fining Ripple and being paid a boatload of it? Yes. What's so hard about all of this?”