Guest Posted October 3, 2018 Share Posted October 3, 2018 So is XRP a security or not? (Says sarcastically) Link to comment Share on other sites More sharing options...
Yodaxrp Posted October 3, 2018 Share Posted October 3, 2018 5 minutes ago, bachmanity said: Read this thread The ruling is not as significant as the headlines make it sound. The ruling only applies to this case. It does not mean that other cryptos are not securites Yes, you're just repeting the tweet of a litigation lawayer inside the thread. As I already mentioned other lawyers could have a different opinion. That's reason why our friend opened this new thread...but... Link to comment Share on other sites More sharing options...
Esprxp Posted October 3, 2018 Share Posted October 3, 2018 Can this judgment create jurisprudence? Link to comment Share on other sites More sharing options...
KarmaCoverage Posted October 3, 2018 Share Posted October 3, 2018 What is the taxation impact on commodities vs equities? Link to comment Share on other sites More sharing options...
Yodaxrp Posted October 3, 2018 Share Posted October 3, 2018 1 minute ago, Esprxp said: Can this judgment create jurisprudence? It's actually a federal judge making the statement, so you can decide by yourself...personally I would say yes. The interesting question is imo another one: Why the rulers of this space tried to hide this new so long as possible? Esprxp and ImTheRippler 2 Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2018 Share Posted October 3, 2018 (edited) 17 minutes ago, bachmanity said: Read this thread The ruling is not as significant as the headlines make it sound. The ruling only applies to this case. It does not mean that other cryptos are not securites Sure there isn't more to this now? Does the cftc usually comment like this on an individual case and make it sound like a broad ruling? Imo there is more weight to this than just for this one case. It sets presedence and seems like a pretty significant announcement by the CFTC Edited October 3, 2018 by Guest Link to comment Share on other sites More sharing options...
Raiden Posted October 3, 2018 Share Posted October 3, 2018 17 minutes ago, XRPLearner said: So is XRP a security or not? (Says sarcastically) No, it is not (says seriously) Link to comment Share on other sites More sharing options...
ImTheRippler Posted October 3, 2018 Share Posted October 3, 2018 13 minutes ago, KarmaCoverage said: What is the taxation impact on commodities vs equities? It seems more favorable in capital gains collection time but I'm not an expert so the details need clarification. Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2018 Share Posted October 3, 2018 1 minute ago, FixnUrPowerline said: Sure there isn't more to this now? Does the ctfc usually comment like this on an individual case and make it sound like a broad ruling? Imo there is more weight to this than just for this one case. It sets presedence and seems like a pretty significant announcement by the CTFC 8 minutes ago, Yodaxrp said: Yes, you're just repeting the tweet of a litigation lawayer inside the thread. As I already mentioned other lawyers could have a different opinion. That's reason why our friend opened this new thread...but... I hope just as much as anyone that it is that simple but from what im reading from people who seem to be impartial attorneys, this is not the case. This ruling means that "My Big Coin" can be prosecuted by the CTFC, but it won't stop a different judge from allowing the SEC to prosecute some other crypto for being an unregistered security. It will be interesting when xyz crypto is getting sued by the SEC and tries to use the argument that they are a commodity based on the my big coin ruling. FinCEN ruled that XRP was a currency several years ago when they settled a suit against Ripple, it very specifically said in that settlement that it does not bind any other government agency. Any US government agency will try to call crytpo something different to benefit themselves and the US law is so ambiguous for cryptos at the moment that for now judges take them on a case by case basis. Sorry to cause a schism in the echo chamber but just throwing the info out there. Link to comment Share on other sites More sharing options...
WrathofKahneman Posted October 3, 2018 Share Posted October 3, 2018 (edited) 7 minutes ago, bachmanity said: I hope just as much as anyone that it is that simple but from what im reading from people who seem to be impartial attorneys, this is not the case. This ruling means that "My Big Coin" can be prosecuted by the CTFC, but it won't stop a different judge from allowing the SEC to prosecute some other crypto for being an unregistered security. It will be interesting when xyz crypto is getting sued by the SEC and tries to use the argument that they are a commodity based on the my big coin ruling. FinCEN ruled that XRP was a currency several years ago when they settled a suit against Ripple, it very specifically said in that settlement that it does not bind any other government agency. Any US government agency will try to call crytpo something different to benefit themselves and the US law is so ambiguous for cryptos at the moment that for now judges take them on a case by case basis. Sorry to cause a schism in the echo chamber but just throwing the info out there. I agree, but the ruling did note the "broad approach" taken to engage virtual currencies as commodities to avoid a ruling for every single asset. This is the way these things proceed as there is not one single definition-ruling body from the outset. The courts now have to reckon with the CFTC definition. Edited October 3, 2018 by WrathofKahneman Yodaxrp 1 Link to comment Share on other sites More sharing options...
King34Maine Posted October 3, 2018 Share Posted October 3, 2018 1 hour ago, FixnUrPowerline said: Woot woot! I don't think people realize how big this is.....am I reading that correctly??? I guess that Klein/Johnson Lobbying firm Ripple hired don't ******* mess around!!!! Link to comment Share on other sites More sharing options...
Yodaxrp Posted October 3, 2018 Share Posted October 3, 2018 (edited) @bachmanity Well, let me say to you you're not causing anything you wish to cause. I'm not a US fiscal subject and the SEC issue doesn't touch me at all, meaning I think xrp will moon without any help from US based financial institutions. I just knew that some people here were a bit down for the pseudo SEC issue and I wanted to show them there's a ray of light. If you want to turn off this ray of light for them...pls help yourself!!! Edited October 3, 2018 by Yodaxrp Staigera, Julian_Williams, tony71 and 1 other 2 1 1 Link to comment Share on other sites More sharing options...
Deeznutz Posted October 3, 2018 Share Posted October 3, 2018 (edited) So now I wonder what the SEC thinks about this and will they even coordinate with their CTFC counterparts. We’ve still got to have clear guidelines in place. What happens when this dude appeals and another judge rules the exact opposite? Or the judge on another case with biases says “screw this” to the precedent? The judicial branch shouldn’t be the ones deciding how this stuff will work. Why couldn’t we just co-opt one of the other countries’ crypto guidelines that are clear, business-friendly, and make sense? Edited October 3, 2018 by Deeznutz Clarity. Julian_Williams 1 Link to comment Share on other sites More sharing options...
Yodaxrp Posted October 3, 2018 Share Posted October 3, 2018 Guys, we're here discussing a topic which is old and came out for the first time on 27th sept...ask yourself the reason why! Link to comment Share on other sites More sharing options...
FOOD Posted October 3, 2018 Share Posted October 3, 2018 (edited) 19 minutes ago, Yodaxrp said: Guys, we're here discussing a topic which is old and came out for the first time on 27th sept...ask yourself the reason why! I just asked myself and all I could think of was that it is because it was posted again... but it was posted again because the cftc tweeted just today: "announces that federal court finds that virtual currencies are commodities".... so what do you think is the reason why? Edited October 3, 2018 by EcneitapLatnem reformatted question and drank another beer. Deeznutz 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now