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DreXRP

Tokens sold for use in a network fall outside the definition of secutities

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Speaking directly with Michael Hiles, Congressman Davidson's adviser on the issue and CEO of blockchain solutions company 10XTS, I was able to confirm a target date of February 14th (Valentines day) for the bill to be officially introduced.

@BrownBear

https://www.globalcryptopress.com/2019/01/exclusive-members-of-us-congress-from.html?m=1

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Also here, very interesting read:

https://xrparcade.com/news/sec-commissioner-hester-m-peirce-a-view-from-inside-the-machine-and-what-it-might-mean-for-xrp/

What does this mean for XRP? By applying the commissioner’s statements on XRP, then it is surely NOT a security. The XRP network is not being run by a central entity. Only 6% of the validators are being run by Ripple while only 27% of the default UNL. At the same time, there are many entities building/using the XRP network and the coins are being used in a functioning network, they are not investment contracts. Despite the fact that this speech by the Commissioner was quite bullish, we must not forget that these are her personal views and the whole security issue will not be over until the fat lady sings, or in this case until the SEC or the Congress act.

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These three points seem key to me:

  • “We might be able to draw clearer lines once we see more blockchain projects mature. Delay in drawing clear lines may actually allow more freedom for the technology to come into its own”.

 

  • “Congress may resolve the ambiguities engendered by Howey by simply requiring that at least some digital assets be treated as a separate asset class. Congressmen Warren Davidson and Darren Soto recently introduced a bill in the House intended to amend the federal securities laws to do just that, provided that the token truly operated in a decentralized network. Such an approach would facilitate more tailored disclosure”.

 

  • “There is also great interest in exchange-traded products based on bitcoin or other cryptocurrencies. As I have mentioned in the past, I am concerned that our approach with respect to such products borders on merit-based regulation, which means that we are substituting our own judgment for that of potential investors in these products. We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in running away from anything labeled crypto. We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences”.

(Bold emphasis is mine)

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5 hours ago, ManBearPig said:

Welecome to Candy-land!  Hopefully it can be put on the calendar before the government shuts down again next week.

6C8E3636-99D2-47E5-92D3-77C708F495BD.jpeg

Now I have those old cartoon songs stuck in my head lol 😀

The joke about it on American Dad was pretty funny too.

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