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The SEC should have a class action suit filed against them. Let them try to explain to a judge why it took over 7 years to file a suit against Ripple, after Ripple was deemed a cryptocurrency by the US Treasury and FinCen. And hear about the financial impact they caused to so many by waiting all that time.
Unfortunately, crypto exchanges may have to drop Chainlink soon also.
SEC is coming after you too LINK! says Zeus Capital
https://ambcrypto.com/nestled-alongside-the-bulls-will-chainlink-be-secs-next-target/
Question is, why did the SEC wait over 7 years to respond after many thousands of investors built up XRP holdings, to file their lawsuit?
Are they wrong in the lawsuit or just embarrassingly slow? Other countries have had their regulations in place for many years.
SEC would have a battle of the century on their hands over cryptocurrencies. XRP would just be the first one. Then they'd have to battle the other hundreds of battles for this reason and thousands of attorneys representing their hodlers.
After XRP, will Chainlink be SEC’s next target?
https://ambcrypto.com/nestled-alongside-the-bulls-will-chainlink-be-secs-next-target/
I think Jay Clayton was asked to resign for a reason.
I think, 100% absolutely, that the SEC lawsuit against XRP will be either dismissed prior to the case starting, or won by Ripple. For me, this isn't speculation or a prediction, I'm basing it on facts of the definition of a security vs a cryptocurrency. My personal expectation is the former of the above.
2020 Has Been Chainlink’s Year. Here’s Why
Chainlink cofounder Sergey Nazarov explains how the decentralized oracle provider has built out its offering in 2020, integrating with 300 projects.
https://decrypt.co/51015/2020-has-been-chainlinks-year-heres-why
DeFi data manipulation is too easy — and current oracle solutions aren’t helping much
https://cointelegraph.com/news/defi-data-manipulation-is-too-easy-and-current-oracle-solutions-aren-t-helping-much
The U.S. Government Is Targeting Cryptocurrency to Expand the Reach of Its Financial Surveillance
https://www.eff.org/deeplinks/2020/12/us-government-targeting-cryptocurrency-expand-reach-its-financial-surveillance
BTC is climbing partly because the SEC was their biased choice (along with ethereum) of a crypto vs security.
Bitstamp to Halt XRP Trading, Deposits in US Due to SEC Lawsuit
https://www.coindesk.com/bitstamp-to-halt-xrp-trading-deposits-in-us-due-to-sec-lawsuit
-- Good reason for anyone dump Bitstamp if they use them
In the prelude to the video, the SEC chairman was scary stupid the way he described a security.
He said that selling a token to somebody with the expectation of getting a return was a security.
That would make selling valuable or potential valuable coins from a certified coin dealer (or anyone) is a security transaction.
It's obvious that chairman wasn't qualified to fly a kite and why he was replaced.
Yes, Chainlink was next in line. There were many other cryptos following that. But that was why the old chairidiot got replaced with a chairman.
The SEC is past their "stupid" period with the former chairman. His (about time) replacement knows that buying XRP used in blockchain technology has nothing to with owning part of Ripple.
XRP has many utilities which securities do not. XRP is used as an intermediate blockchain ledger digital representation of one fiat to the same or another fiat (aka fund transfers). It's used for P2P, B2B, P2B and other payments. gaming, monetization of websites, etc.
How many securities have those features?
The SEC suite is a bad, stupid, biased attack started by an idiot that was asked to leave his office (for the same reason).
I think replacing the old SEC chairman with a normal, unbiased, knowledgeable, qualified chairman is a no brainer for getting the Ripple lawsuit dismissed. After all, thinking you can own part of Ripple by buying XRP is incredibly stupid.
It's answering an earlier question if it was in the courts hands. It is but can be dismissed by the SEC. Subject was XRP lawsuit dismissal, not was dismissed.
Ripple XRP Lawsuit Dismissal..see my post #21984
Pro Crypto Elad Roisman New SEC Chairman - Bitcoin ETF Approval & Ripple XRP Lawsuit Dismissal
https://podcasts.nu/avsnitt/thinking-crypto-news-interviews/pro-crypto-elad-roisman-new-sec-chairman-bitcoin-etf-approval-ripple-xrp-lawsuit-dismissal-efRQulgs3
Don't forget, XRP is sold in over 200 exchanges around the globe. So worse case, Ripple et al. pays a fine for sales only within the US and registers for selling securities and moves forward. Their fine can only be a "drop" in Ripple's purse.
But, if the SEC wins, Chainlink and others could be next in line for the biased SEC attacks.
Why do I have the feeling XRP will climb over the .75 mark between Q1 and Q2 next year?
I've got a Flare for predictions. This just come like a Spark in my thoughts.
Backed the truck up for more .27 XRP.
Excellent article. Lawyers weigh in backing XRP being a cryptocurrency.
The SEC’s Attack on Crypto in the United States
https://ripple.com/insights/the-secs-attack-on-crypto-in-the-united-states/
Garlinghouse: “To be clear, this is all based on [the SEC’s] illogical claim that XRP is, in their view, somehow the functional equivalent of a share of stock,” Garlinghouse said. “What’s more, for them to say that XRP has been a security all along and that Ripple, [Larsen] and I should have known makes absolutely no sense… particularly when the US Treasury and US Department of Justice have long ago concluded that XRP is a currency.”
https://nypost.com/2020/12/23/xrp-cryptocurrency-plunges-after-sec-charges-creator-ripple/
Hyper-inflation has started. The Next Dollar Problem Has Just Arrived
https://seekingalpha.com/article/4396025-next-dollar-problem-just-arrived
The SEC shows some mercy to broker-dealers handling security tokens
In a Christmas present for the crypto industry, broker-dealers who abide by existing rules while holding security tokens in custody will not face enforcement action for the next five years.
https://cointelegraph.com/news/the-sec-shows-some-mercy-for-broker-dealers-handling-security-tokens
It's called decentralization. Every month more of the globe owns XRP and the escrow has less. Our government prints trillions of dollars every month that're worth almost 3 times as much as XRP (given the latest SEC shenanigans) that're 5 years late. Would you give up the dollar?
If Ripple lost the case, Ripple would have to get registered to sell securities and a fine.
Exchanges can't be closed to selling XRP, the SEC could only require them to be registered to sell securities. The rest of the globe that doesn't have idiots leading their national crypto regulations will continue selling XRP.
Again, the SEC has the uphill fight. FinCen XRP is a currency. The 2 government agencies would have to fight it out in court before they could legally enforce their biased speculations.
Garlinghouse:
“Not a single other country anywhere has looked at XRP as a security,” he said. “You’ve had countries like the U.K. and Japan and Switzerland and Singapore all come out and say things that make it clear that XRP is a currency.”
Garlinghouse also told viewers the token’s fate was independent of his company’s.
“If Ripple the company didn’t exist, XRP would still thrive around the globe with … a couple hundred exchanges around the world,” he said. “And there’s over 100 different projects, innovative entrepreneurs here in the U.S. and around the world building on top of XRP.”
https://www.coindesk.com/xrp-untradeable-sec-security
SEC created an excellent buying opportunity (preceding the Flare Network activation) and is pressing the courts for a judgement, that we all know, to rule finally that XRP is a cryptocurrency.
If that isn't a good buying opportunity, I don't know of a better setup.
We all will.
XRP will rebound even before Flare Network is active.
SEC will finally have it's dismissed and XRP will be recognized as a cryptocurrency. (One that is the fastest, most capacity, most transactions per second, and least cost BTW).
This whole ordeal will bring global attention to XRP and not just BTC.
There's an old saying: "People will go back in the water after they know the shark is dead".
The SEC is actually doing Ripple a favor. Ripple's been waiting years for the feds to make decision on cryptos. This forces them to show their hand via a court decision.
I doubt if the case will go very long. Ripple will ask for a dismissal day one on the grounds of the the precedent case. It won't take the judge years to figure out that the SEC has their head up their ass.
I agree Hole_shot_King. People are panic selling for no good reason.
The SEC will have their case dismissed on the grounds that they only have jurisdiction over securities not cryptocurrencies. (BTW, the SEC reacting to this 5 years later makes them look pretty lame).
Proof? FinCen fined Ripple in 2015 for selling virtual currency, not securities.....this is a precedent legal case which has to be considered by the court.
Any judge with an IQ greater than their shoe size would recognize that the government regulators can't call XRP a currency and then say, "no wait it's a security".
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I'm buying XRP at these oversold prices...when the case is dismissed. this'll XRP will rebound quickly.
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Regulators just demonstrated they are serious about making digital currency companies follow the rules
Ripple Labs, which distributes and exchanges its own cryptocurrency, XRP, is being fined $700,000 by FinCEN, a division of the Treasury Department, for "acting as a money services business (MSB), and selling its virtual currency...
https://www.businessinsider.com/ripple-just-got-slapped-with-a-700000-fine-2015-5
SEC Files Lawsuit Against Ripple Over Unregistered Securities
In response to the brewing lawsuit, Garlinghouse called it "Grinch-worthy" and "shocking" that the SEC would file such a lawsuit right before Christmas of all times. Garlinghouse said it seemed to be "an attack on the entire crypto industry and American innovation," PYMNTS reported.
The lawsuit comes after a debate over whether XRP is a security and should be registered with the agency. Ripple has said in the past that XRP is a currency, which means it isn't subject to the SEC's rules.
https://www.pymnts.com/legal/2020/sec-files-lawsuit-against-ripple-over-unregistered-securities/
Under the three-part “Howey test”—which is named after a U.S. Supreme Court case, SEC v. W.J. Howey Co., 328 U.S. 293 (1946))—a financial instrument such as a crypto asset will be considered an “investment contract,” and therefore a “security,”[2] where there is:
1. an investment of money (which could include, for example, an investment of fiat currency or cryptocurrency)
2. in a common enterprise
3. with an expectation of profit derived from the managerial or entrepreneurial efforts of others.
XRP clearly failed #2 above. I wish my XRP gave me partial ownership in Ripple.
And all cryptos have support or improvements/modifications/forks. (#3).
https://www.winston.com/en/crypto-law-corner/when-is-a-crypto-asset-a-security-and-why-does-that-matter-part-i.html