The price of XRP, the third-largest cryptocurrency by market capitalization, followed the broader market decline on Wednesday. The digital asset dropped by over 5% to trade around $0.51. The Securities and Exchange Commission (SEC) Chairman, Jay Clayton, testified before the House Financial Services Committee, reiterating the regulator’s stance that ICO tokens, including XRP, are securities. The industry reacted with debate, with some arguing that the SEC’s position could stifle innovation.
