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Just now, Julian_Williams said:

SEC do not need a result to this law suit before making the rules about what is and what is not a security.  SEC will continue to progress whatever is happening in this case.

SEC will not come out with a list of which ICOs are securities.  The most they will do is wave red flags when they think rules are being broken.

The longer Ripple spin out the case the more obvious it becomes that XRP is a utility asset used by a wide range of companies and the weaker the case against them gets.   

 

The legal expert in that video says that the sec will not rule specifically on ripple until the trial is finished, or at least a point is reached that is fairly conclusive 

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Just now, Xrpdude said:

The legal expert in that video says that the sec will not rule specifically on ripple until the trial is finished, or at least a point is reached that is fairly conclusive 

the important point there is "rule on Ripple".. They will not rule on Ripple unless there is some sort of infringement of SEC laws.  SEC do not make lists of hwo and who is not compliant, they make the rules on which the courts interpret their judgements.

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Posted (edited)
3 minutes ago, Julian_Williams said:

the important point there is "rule on Ripple".. They will not rule on Ripple unless there is some sort of infringement of SEC laws.  SEC do not make lists of hwo and who is not compliant, they make the rules on which the courts interpret their judgements.

Riiiight - they can take action against those that don't register their security under securities law? 

I haven't said they keep a list of those who are and aren't compliant. That's your fantasy 

Edited by Xrpdude

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On 7/31/2018 at 6:20 PM, enrique11 said:

The Swell conference is still one month away... Starts 9/30. I don't know... Lately I get a sense of desperation from Ripple. First the unsubstantiated stories about Ripple trying to pay exchanges to list xrp. Then some ex Ripple employee(s) going off and starting new ventures, Japan South Korean corridor is shot volume wise. Ripple's focus more on remittance providers than on banks with respect to xrp, etc. Maybe the fear is unwarranted on my part.... I had a similar but worse reaction when Snapswap.us closed down and I had to move my XRPs from the US to an Eastern European crypto exchange.

Always find your point of view interesting.  Staff leaving would be an important metric of unhappiness inside the company.  Have you details of how many left?

I think paying exchanges to list XRP is fairly standard practice.  Ripple needs Market makers in every country.  They have a huge pile of money and this might be a sensible way to develop assets in areas where they are weak.

My view is that Ripple respond to markets and push at doors that they think will open most easily.  The big banks doors have been heavier than expected, but fintech tech doors have been easier to push open.  So it is Fintech first big banks follow.  I think a lot of interesting developments are happening out of sight. 

Ripple claim to have 100% of India on Ripplenet now, in Japan 80% of the banks are members of SBI.  Singapore, Philippines, Mexico, Brazil, Argentina and many Middle East banks are now on board. Good news from Europe, Canada and America.  I strongly recommend following /crypto Eri's videos because she has a lot of knowledge about financial markets and seems on the ball with all recent developments.  

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Posted (edited)
5 hours ago, Julian_Williams said:

Always find your point of view interesting.  Staff leaving would be an important metric of unhappiness inside the company.  Have you details of how many left?

I think paying exchanges to list XRP is fairly standard practice.  Ripple needs Market makers in every country.  They have a huge pile of money and this might be a sensible way to develop assets in areas where they are weak.

My view is that Ripple respond to markets and push at doors that they think will open most easily.  The big banks doors have been heavier than expected, but fintech tech doors have been easier to push open.  So it is Fintech first big banks follow.  I think a lot of interesting developments are happening out of sight. 

Ripple claim to have 100% of India on Ripplenet now, in Japan 80% of the banks are members of SBI.  Singapore, Philippines, Mexico, Brazil, Argentina and many Middle East banks are now on board. Good news from Europe, Canada and America.  I strongly recommend following /crypto Eri's videos because she has a lot of knowledge about financial markets and seems on the ball with all recent developments.  

Thanks. 

I think these employees that left went on to form Coil, Xpring, etc. and back then Garlinghouse had emphasized the "peanut butter manifesto" so much in the media, that such departures for Ripple from what had been Ripple's primary focus for so long, cross-border TXs for banks, had me concerned because that XRP ecosystem was not developed yet with bank customers (using XRP), and all of a sudden, Ripple stopped talking about it, and focused instead on the adoption of XRP via other use cases after Brad had talked so much in public about just focusing on and mastering one use case in his 'peanut butter manifesto'.

Yes, it's typical to pay exchanges for listings, but my concern back then was that Ripple seemed to be willing to pay whatever to get listings according to media sources, even if the exchanges weren't ready or didn't want to hold XRP for whatever reasons; e.g., XRP not being regarded as a cryptocurrency or being regarded a security.

True. Ripple approached banks with XRP as a solution, and Ripple quickly learned that the banks couldn't hold XRP because of regulatory uncertainty and the fact that crypto is a small part of the concerns of the SEC and the SEC is generally very slow to change.  Unfortunately, we must count on some workaround in the meantime because the SEC won't get up off its ass anytime soon to help Ripple realize its original use case by clarifying if and how banks can hold XRP on their balance sheets. The SEC has banks too scared with regulatory uncertainty, and the SEC likes to have the upper hand when enforcing, so regulatory uncertainty gives them the leeway to act on enforcement and keep FIs in line because the FIs don't know if they are breaking the rules, so this makes the FIs cautious to begin with, making the SEC's job significantly easier - the SEC is a powerful, but small agency so this regulatory uncertainty makes them appears as a little guy carrying a big, big stick - it makes up for their small size IMO, helping them manage the myriad of regulatory issues they have to deal with of which crypto is a small part - and at the same time unfortunately as a consequence of this uncertainty, the SEC inhibits domestic innovation in crypto and scares away domestic crypto upstarts to other countries that have clearer regulations. And more importantly, the US is the envy of the world when it comes to their successful capital markets, so they don't want to "fix it if it ain't broke" by introducing regulatory exceptions for this new asset class called cryptos - the SEC will take its sweet time and see how crypto regulatory experimentation works out first in other countries, and then act if they have to if cryptos begin to succeed in those countries. Also, they (the current administration, the fed, etc.) want to protect the dollar both at home and abroad, so basically what I'm saying is that there are a number of strong incentives for keeping the status quo in regulations on crypto here in the US.

Yes, things look better now - much better, but let's see if this '3rd party non-bank facilitation of cross-border payment using XRP' workaround can develop and scale significantly to realize Ripple's original, primary vision of XRP's use for banks.

 

Edited by enrique11
correct misspelling, additional comments

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There's been a recent update to the Sostack case as the class action is now being represented by Susman Godfrey.

The Complaint has little merit in my opinion and there are plenty of LOLs from the very first pages: (https://cloudup.com/c8srzA-f5lS). They've even included a screenshot of one of Joel Katz's comments as "evidence".

@brjXRP17 - do you have anything else on this one?

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