Read the full story here: http://www.coindesk.com/ripple-ceo-decries-secs-decision-block-xrp-platform-trading/
Investors in XRP, the token used by payment company Ripple, are hopeful that a lawsuit against the company will be dropped during the SEC’s closed session this week.
This is the first meeting under newly appointed cryptovalue-friendly chairman Gary Gensler, who has been in office for three weeks. While non-crypto-currency activities will likely dominate, the wording of the announcement gives XRP holders hope that this marks the end of the legal saga.
Ripple’s lawsuit proved a spectacular failure for the SEC
In the largest case of its kind, the SEC accuses Ripple and two key executives of making unregistered securities offerings worth $1.3 billion. CEO Brad Garlinghouse has consistently argued that U.S. regulators are taking the wrong approach.
However, as the case progresses, the SEC’s position becomes increasingly untenable as Ripple’s legal team discovers weaknesses in its claims.
Last month, Forbes magazine published an article about the outcome of the lawsuit against the SEC. Right down to the fact that it is now the SEC that is being sued, and not Ripple.
If these regulators were honest, they would recognize that nothing in the Securities Act of 1933 applies to cryptocurrencies, and then ask Congress to clarify the law. Instead, the SEC issued an unreasonable decision without warning or due process.
Against this backdrop, some observers question whether the SEC can go ahead with its prosecution of Ripple. In these circumstances, it would be right to withdraw the money.
The SEC meets on the 6th this week. May in closed session. The topics to be covered include, but are not limited to, injunctive relief and dispute resolution.
The press release does not specifically mention Ripple. However, attorney Jeremy Hogan notes that Ripple will almost certainly play a role in the discussions in this regard.
First meeting with Gary Gensler at the helm! When I worked for insurance companies, we had these types of meetings to discuss overall strategy and specific cases that needed attention. The SEC has a lot of lawsuits, but Ripple is definitely covered here.
Does Gensler want the judge to make decisions?
At the 2018 MIT conference, Gensler argued that both Ether and XRP are securities. This is a point of contention with Ripple’s legal team. Part of their defense is to establish the difference between the two cryptocurrencies, and explain why Ether is at an advantage.
But if Gensler feels that way, it makes sense that he would support continuing the process. But given the many unknown factors, Ripple investors may still have a fight on their hands.
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Frequently Asked Questions
What happens to XRP if SEC wins?
If the SEC wins the case, it will short-circuit the plan to use the XRP ledger for bonds, and destroy the plan to base-pair it with USD, and thus destroy the value of XRP to its holders. The report explains why it is a security, and, implicitly, why it cannot be a currency, and thus why its value is being inflated by the scheme. As we all know, the SEC is currently investigating Ripple, and the outcome of this investigation could have a lasting impact on XRP and the XRP community. In the event that the SEC decides to classify XRP as a security, Ripple, along with many other companies, will have to stop using XRP for the transfer of value. If this happens, some people believe that XRP will drop dramatically in price, while others believe that XRP will remain stable. In addition, in the event that XRP is not classified as a security, many believe that XRP will increase to over $100, while others believe that it will drop right back to where it is now.
What happens if XRP is a security?
“The technology community is in an uproar over the debate about whether Ripple’s XRP cryptocurrency is a security. Gary Gensler, former chairman of the CFTC (Commodity Futures Trading Commission), recently weighed in on Twitter, saying that XRP is a security. ” Ripple, the company that owns a majority of the XRP cryptocurrency, has been fighting a legal battle against the SEC for more than two years. Last month, the SEC finally decided that XRP is a security – and therefore Ripple is a company that is breaking the law by not registering its security with the SEC. Many in the cryptocurrency community had hoped that the SEC would decide that XRP is not a security, but the truth is the SEC had to find that it is in order to preserve its own credibility.
Where can I buy a XRP 2021?
The best place to buy XRP 2021 is from a reputable cryptocurrency exchange. Some of the most reputable exchanges for XRP 2021 include ___________, ___________ and ___________. It’s worth noting that these exchanges allow you to buy XRP 2021 with a credit card, which makes it easier than ever to get started investing in XRP 2021. There are literally hundreds of exchanges that sell XRP, but the best place for beginners is probably CoinbaseXRP. It’s the only exchange that’s been approved by the New York State Department of Financial Services (NYDFS), making it easier for XRP to become a mainstream currency. CoinbaseXRP, which is based in New York, offers a simple way to buy and sell XRP. (And if you’re buying, you can get $10 worth of XRP for free.)
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