Peter Brandt must be satisfied: the Securities and Exchange Commission (SEC) now considers Ripple (XRP) as a security and no longer as a utility token. Ripple CEO Brad Garlinghouse defends the thesis of an attack on the cryptosphere in general, his company then only a victim of this war, a symbol that one would like to put on the stake.
EMERGENCY exits for Ripple
In a December 22 post on the Ripple, Brad garlinghouse responded to accusations made by the DRY against Ripple.
Garlinghouse assured shareholders that Ripple defend themselves in court. He maintains that the legal action against Ripple is a veiled attack on cryptocurrencies as a whole.
The CEO of Ripple pointed out that the XRP is not an investment contract because its holders have no connection with the company.
The price of XRP is not correlated with the activities of Ripple, unlike titles. This action of the DRY could lead the company to consider more seriously the relocation of its head office outside the United States.
The Japan would be one of the first choices of the company. However, some statements indicate that the latter may consider collaboration with the administration Biden.
What title to give to the film about the legal misadventures of Ripple ?
The DRY had filed a complaint with the Manhattan District Federal Court, alleging that the XRP is a title.
As a result, the company is violating applicable laws by raising $ 1.3 billion in funds through an unregistered offer.
Crypto companies issuing securities must register their offers with the DRY unless they have an exemption.
Whether or not a token qualifies as a security is controversial.
The legal woes of Ripple had caused a sharp drop in the prices of XRP, a drop of almost 20%.
It was hanging on Ripple’s nose! Brad Garlinghouse can still try to stir the cryptosphere with a speech that unfortunately rings false in the ears of savvy cryptophiles but, will he really deny the fact that his company has played a dangerous game by pretending that XRP will return its rich holders? Ripple’s lawyers have their work cut out for them. And unfortunately for Garlinghouse, he will have a hard time winning the sympathy of high-profile cryptophiles. Soon a RIP for Ripple? Half-forgiven confessed mistake: it’s time to reboot and start again on a better basis.
Litecoin, welcome in the Silver Age