• Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. 
• Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 
• Gurbir Grewal noted in a recent talk that the principled definition of securities applies to cryptos and emphasized the need to address crypto fraud. 

Bitcoin, Ethereum and XRP update 

• The US Securities & Exchange Commission (SEC)’s head of enforcement, Gurbir Grewal, said that the Howey test applies to cryptocurrencies. Howey test is a legal framework outlined by the US Supreme Court to determine whether a transaction qualifies as an investment contract (security) and therefore can be regulated by the SEC. 
• Grewal notes that several courts have issued rulings that reaffirm the application of the Howey test to cryptocurrencies. 
• Grewal’s statement clashes directly with Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam’s statement that 70-80% of cryptocurrencies are commodities, including Bitcoin and Ethereum. 
• Bitcoin held newfound gains, steady above $62,500 on Monday, while Ethereum and XRP trade above $3,100 and $0.533 at the time of writing. 
• Bitcoin noted the fifth largest weekly inflows on record as institutions poured $1.35 billion in BTC funds, per a recent Coinshares report. 
• Bitcoin, Ethereum and XRP hold steady, even as the two US agencies continue to battle on who will regulate cryptocurrencies.