The U.S. Securities and Exchange Commissioner (SEC) Chair Gary Gensler expressed disappointment with a district court’s decision in the Ripple case involving retail investors. However, he was pleased with the part of the order that found institutional sale of the tokens to violate federal securities laws. Gensler also addressed the criticism that the SEC seems to regulate by enforcement instead of rulemaking, stating that the agency has engaged in some rulemaking and licensing efforts. The article does not provide further details on the Ripple case or Gensler’s assessment.

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