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The SEC Law Suit against cryptocurrency is hailed the law suit of the century by cryptocurrency enthusiasts.
The buzz doing the rounds is that Rosie Rios, the 43rd Treasurer of the United States (2009 to 2016 under President Barack Obama) took to twitter trying to figure out if XRP fits the description of a security under the ‘Howie Test’ as the Securities and Exchange Commission claims.
This act makes many feel like Ripple (XRP) having gained a high-profile backer.
Implied: “Looking at XRP, it is clear that its primary purpose is to facilitate cross-border payments while several other cryptos find their value in speculation. This is made very clear by China’s latest move.”
The primary purpose of XRP is to facilitate cross border payments. Thus, it serves as a clear defense of XRP utility. Thus, this serves as a bombshell against SEC’s complaint.
The second claim about cryptos finding their value in speculation makes it evident that Ripple’s XRP does not have speculative value. Thus, its currency value is obviously implied. Since utility and currency value is not an element of securities – there is obviously lot of credibility and influence to Ripple’s arguments in opposition to SEC.
Rosie Rios expressed: Want to clarify that IMO. While Ripple is committed to the cross-border use case, developers globally everyday are pursuing other use cases, including store of value, medium of exchange, etc for multiple blockchains/cryptos.
XRP’s primary purpose is facilitating cross border payments while other cryptos find their value in speculation. China’s latest move brings this point home.
Community Response: Great work Rosie. Thanks! So, XRP to the moon or nah?
Do you think Ripple can claim more nations than Bhutan? I hope you can help Ripple to expand on international partnerships. This would make a lot of things easier. What’s your opinion to this? Japan? Singapore?
This is called bold and doing right, not childish. That is much better. You do not want SEC to come up with a new filing in SEC v Ripple, quoting your tweet. We have seen SEC taking statements out of context and using it as a weapon to support their argument.
Everything was clearly understandable; some people should just think twice before criticizing something they did not understand. I already started respecting you madam.
People think XRP holders are a little biased but we all know what we hold. Implying you didn’t see value in any other cryptos other than XRP.
Hub: XRP price, news, and analysis
