Community Trust ScoreVerified
- SEC Case against Ripple
- SOC2 Certification
- SEC Covid Vaccination Analogy
The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation. One of their current duties is to annoy Ripple (XRP) community and investors.
In the SEC case against Ripple, Part of Ripple’s defense is that neither Bitcoin nor Ethereum is a security according to the SEC due to their decentralized nature. Further, Ripple argues that they are being treated differently than their peers for operating in the same space.
In reality, Ripple has a bright future ahead of it once the SEC issue resolves. Ripple is working towards a lot of sustainable projects. They are trying to achieve a sustainable, low-carbon future to achieve carbon net-zero by 2030. The engineering team is continually trying to identify how their products comply. And, after more than a year of cross-team collaboration, they have been awarded the SOC 2 certification.
In the process of identifying whether they have done an excellent job in the process of building system and organization controls, they have invited external auditors to assess their compliance with the SOC 2 standard.
Ripple wanted to provide SOC2 as banks, and large payment providers require SOC2 certification as a part of the bank making use of the given SaaS product. Infrastructure as a code provides for a reliable and repeatable system design. Thus achieving repeatability and auditability. Ripple (XRP) is valuable, efficient, scalable, and cost-effective.
About the SEC problem with Ripple, the community gave an analogy which stated: Imagine if the SEC was put in charge of CoVid Vaccinations 1) They’d Sue/ Fine people for not getting the right Vaccination. 2) But Give no Clear direction Where or How anyone should get the correct Vaccination.
Implying to say, SEC is not providing regulatory clarity. The community feel that the SEC is dragging out way too long. They have to further state that they all know that XRP is not a security and that the SEC should be held responsible for their actions in making Bitcoin and Ethereum, not security.
Brad Garlinghouse recently tweeted: “Had our quarterly all-hands today feeling inspired by the team and proud of Ripple’s momentum as we head into H2. Hundreds of Ripples dialed in globally, and some were even able to join in person via our SF, London, and Iceland offices for the first time since 2020!”
He also stated: “Cryptos, like nearly any new innovative technology, can be used for good or bad purposes. The problem is that U.S. companies seeking to be compliant and use this tech for good are left in limbo (or for Ripple, worse!) because of a lack of a clear, predictable framework.”
Irrespective of what regulators have to say Ripple are continuing with their mission.
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