Former U.S. Securities and Exchange Commission chair Mary Jo White has filed a lawsuit against Ripple Labs, the company behind the Ripple cryptocurrency, and her legal claims are fairly concrete: that the company made false claims in order to boost the price of its XRP token and that it was a “classic pump-and-dump scheme”.
The Federal Reserve Bank of New York has ordered a halt on the trading of three altcoins, including XRP. It happens to be the third time since July that the central bank has attempted to distance itself from the altcoin space. The SEC is also eyeing the matter of XRP and the possibility of pursuing charges against the company that created it, Ripple.
One of the biggest questions in the cryptocurrency world is why Former SEC Chair Mary Jo White, who is known as a very straight shooter, suddenly turned on Ripple and sued the company. This news comes right after Ripple had already come under scrutiny from the SEC in 2018.. Read more about ripple-sec lawsuit update and let us know what you think.Brad Garlinghouse, chief executive officer (CEO) of blockchain payments giant Ripple, took to Twitter on Monday to comment on an article co-authored with The Wall Street Journal (WSJ) by Jay Clayton, the former chairman of the US Securities and Exchange Commission (SEC). The announcement explains the position of the various digital currency companies as follows: Cryptocurrencies need regulation, but not new rules. Ripple’s CEO was surprised by the former SEC chairman’s comments that the US does not have an appropriate regulatory framework for the digital currency industry. He added more, explaining: Cryptocurrencies, like almost any new innovative technology, can be used for both good and evil. The problem is that American companies that want to be compliant and use these technologies for good are left in the dark (and even worse for Ripple!) because there is no clear, predictable framework. In his final days at the SEC, Jay Clayton filed a lawsuit against blockchain payments company Ripple Labs and two of its executives, Chris Larsen (a former executive) and Brad Garlinghouse (the exchange’s CEO), for allegedly making $1.3 billion in profits by selling unregistered securities. The case revolves around the central question of whether or not Ripples own digital currency, XRP, is a digital security. Securities are those that can be bought and sold under the jurisdiction of the SEC, while assets cannot. The SEC believes that XRP is a security and is not registered, while on the other hand, XRP’s parent company claims that the seventh-ranked cryptocurrency is a digital asset, just like other cryptocurrencies such as Bitcoin and Ether.Former SEC Chair Mary Jo White, who submitted the largest single civil settlement with a company in the history of the agency, has resigned suddenly from her post, according to a recent SEC filing. As many in the cryptocurrency community have noted, it is curious that a former SEC Chair should be involved in a civil action against a cryptocurrency company.. Read more about new sec chairman ripple and let us know what you think.
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