@Cryptoinsightuk The SEC notion that XRP holders had an investment contract with Ripple Labs because holders were reliant on Ripple as the “efforts of Others” for price appreciation was off the mark. XRP holders are reliant on Congress or the SEC for the “efforts of others” for adoption & profit
@CGasparino I used to like Gasparino, but mocking investors in XRP is unbecoming of a professional journalist. Many of us bought XRP on exchanges knowing we did not buy a security. DOJ/FinCEN called XRP a virtual currency in 2015. This lawsuit hurt many innocent people. Sad we get mocked.
@JohnReedStark I guess the UK, where London is home to one of the biggest financial markets in the world is not as sophisticated & smart as US regulators/politicians.They are figuring out ways to include crypto in their system & providing on-ramps while the US claims fraud & bad players! Sure!!
@JohnEDeaton1 @jesse_hynes My expectation of utility was to be derived from our government providing clarity to banks & financial institutions for mass adoption. Banks and financial institutions can’t do much without regulatory guidelines So it’s not Ripple, it’s our government that is the key.
@jesse_hynes Jesse. I respect your opinion but how can the SEC say the rules are clear for Crytpo to when the FinCEN/DOJ identified XRP as a virtual currency? Ether is not a security with an ICO. Coinbase had its IPO approved by the SEC. Picking and choosing which cryptos they go after.
@CGasparino@coinbase@GaryGensler@SECGov@FoxBusiness@LizClaman It’s not the SEC’s job to pick winners & losers in the marketplace. Is this not the USA? The rules are not clear or the SEC would not have approved the Coinbase IPO. Congress needs to act. The SEC should engage in Negotiated Rule making. The SEC has harmed millions of investors.
@EleanorTerrett Congress needs to act. Why doesn’t the SEC use negotiated rule making like other government agencies? The notion that the current rules are clear is simply incorrect. The SEC approved the Coinbase IPO. It was a cryptocurrency exchange! I feel bad for all of these investors.
@Marc_Fagel@ankursethi108@XRPJulian@eckspres@Austin871114101@Leerzeit@SECGov Most government agencies do not regulate through enforcement but actually use a transparent process called negotiated rule making. Also, FinCEN & the DOJ classified XRP as a virtual currency in a settlement agreement. There are no clear rules! I don’t have a contract with Ripple.
@Leerzeit Hope you are incorrect. Delayed justice is not justice. This has delayed long enough. FinCEN & the DOJ called XRP a virtual currency in 2015. I & many others purchased XRP on a cryptocurrency exchange not from Ripple. We did not purchase a security. The legal system broken.
@Bitforcoinz The DOJ who represented FinCEN in 2015 called XRP a virtual currency. How can the DOJ working for another Treasury enforcement arm classify XRP a virtual currency and not say it is an unregistered security. The laws and rules are so clear, the DOJ/FinCEN can’t get it right?