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Brad Garlinghouse expressed: One year ago today, the SEC Gov filed a lawsuit against Ripple, ChrisLarsenSF and me, alleging that XRP – a public crypto that has been trading on the open market since 2013 – should have been registered as a security.
Of all the shitty things in 2020, this was certainly one to cap the year. But what I said then remains (painfully) true today: this is an attack on crypto in the US, not just Ripple. Some took the SEC’s allegations at face value/ thought this was a one off, but no longer.
2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community has never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.
Proud to say it was Ripple’s strongest year ever (XRP-based On-Demand Liquidity payments account for 25% of $ volume across RippleNet, and ODL txns are up 25x from Q3 2020, and 130% QoQ).
Not to mention new ODL corridors like Japan and UAE, and our CBDC solution built on a private version of the public XRPL partnering with Bhutan and Palau! All of this growth came from outside the US for (sigh) obvious reasons.
Which brings me back to the SEC. As Chair Gary Gensler seeks to expand its remit, he has taken an aggressively anti-crypto approach and companies are already moving outside the US. Web2 was built with many American companies, but Web3 (or whatever we want to call it)?
Ignoring its prior statements, the SEC today won’t answer questions about the legal status of ETH, much less anything else. Is the agency actually living up to its mission of protecting investors w/ regulation by enforcement & what HesterPeirce calls “strategic ambiguity”?
Calling crypto the “Wild West” is a farce – most are complying with financial regulators globally. This industry shouldn’t be punished for asking for regulatory clarity & regulation that is consistently applied with a level playing field.
Ironically enough, and a personal favorite of mine of the brilliance of JoelKatz, predicted this could happen almost 2 years before the SEC filed their lawsuit.
This holiday season – let’s make the time to reach out to our elected officials in Congress so they understand the need to act now. I hope the industry gets some answers instead of another lump of coal.
Community Response: Unnecessary to have the courts tied up with lawsuits for currencies to receive clarification, SEC has failed at the role.
I remember my XRP investment crashed daily after lawsuit announcement. The bleeding stop somewhere in mid-20 cents.
I don’t understand what “security” in this context means, can someone please explain? Security for Americans is a share of a company. You probably call it with another name in the country you live.
Security : a thing deposited or pledged as a guarantee of the fulfilment of an undertaking or the repayment of a loan, to be forfeited in case of default.
A TRUE STORY ON AMERICAN GREED “Hand Caught in the Cookie Jar” The XRP Army has a dirty little SEC secret. Corruption with fact based documents and videos by the attorney representing 65k XRP holders.
SEC is anti-innovation and Anti-American. Criminal investigation is needed to look at the actions being highlighted of Lubins, Buterin and by the SEC past and present. They look to have caused great damage to, not only investors they are supposed to protect in the USA, but also worldwide.
Regarding innovation suppression-IF HOWEY DOESN’T FIT THE SEC MUST QUIT.
Absolutely horrified at the SEC Gov practices. The strategic ambiguity is harming the investors they claim to protect again and again. I am ashamed to see them stifling American innovation while picking favorites.
Absolutely horrified at the SEC Gov practices. The strategic ambiguity is harming the investors they claim to protect again and again. I am ashamed to see them stifling American innovation while picking favorites.
The SEC is leveraging the dysfunction of Congress to do hip pocket regulation favoring banks while retail investor protection is just a talking point. There’s no “Pursuit of Happiness” without a free market.
Looking forward to XRP taking back the no. 2 spot and the SEC getting what it deserves in court.
This was an intentional ploy to sandbag XRP and avoid it replacing ETH until ETH2 was released. He knew the law process would take 12 cc to 18 months even if cc there was absolutely no case. Why is this case not flushed down cc the toilet?
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