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SEC Sues Ripple And Two Executives, XRP Dumps 20% On SEC Lawsuit Worries


Fleshmeister
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18 minutes ago, peanut56 said:

https://www.sec.gov/news/press-release/2020-338

I didn't see the link to the SEC press release in all of the discussions. So here it is. If it already existed and I missed please delete. 

Thanks for the link. I am not an attorney, but it seems to me that the big security-related difference between BTC/ETH and XRP is that Ripple sold XRP to finance the business. That was simply not the case with BTC/ETC. I don't think it matters that the sales were a small fraction of total volume. Now, I'm not trying to create FUD. I hold XRP and I want Ripple and XRP to succeed. So, someone can set me straight.

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3 hours ago, QWE said:

Interesting that Jed McCaleb is not mentioned anywhere in this, has he not been selling XRP on daily basis for the past 5 years?

 

8 minutes ago, Troote said:

He is. Agent-1.

Actually sorry - I am wrong. Agent-1 is Arthur Britto. Jed is "Co-Founder".

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I have been blocking trolls for years on this forum when they try to argue with me that XRP is not an investment.  Funny how the US SEC organization can file this lawsuit based on their logic:

Quote

The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide.

This should have been expected years ago, but too many people are clueless and in denial.

Edited by wogojump
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3. Ripple engaged in this illegal securities offering from 2013 to the present, even though Ripple received legal advice as early as 2012 that under certain circumstances XRP could be considered an “investment contract” and therefore a security under the federal securities laws.

4. Ripple and Larsen ignored this advice and instead elected to assume the risk of initiating a large-scale distribution of XRP without registration.

https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf

What goes around, comes around. There are lots of "shady" things Ripple have done in the recent years according to this document. 

I am actually surprised that it doesnt mention "2 household names" and "3 of 5 world remittance comapnies will use xrp in 2018" .

I can be PRO ripple and PRO xrp. However, this is obvious price manipulation by ripple!

Anyway, read this document. Make your own judgment. Do not listen to anyone. Fu** those that say it goes to 0, and Fu** those that say this is not a big deal. Lots of misleading information are circulating.

Be smart, be safe.

 

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2 minutes ago, xrp-nuke said:

Well at the end it does not matter, retail investers will get REKT, meanwhile Ripple (through Pragmatic dump) and SEC a.k.a. (through tax from Pragmatic dump and other Ripple activity) will win.

Unfortunately this will most likely be the case.  The SEC's whole mission is to create fair investing practices, including retail investors.  This charge makes it clear they are looking out for best interest of retail investors, since Ripple has obviously been lying and taking advantage of them over the years.  But, the most likely outcome will be laws will be implemented going forward to protect future investors, but current investors will be left in the dust.

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9 minutes ago, wogojump said:

This charge makes it clear they are looking out for best interest of retail investors, since Ripple has obviously been lying and taking advantage of them over the years.

This is the most ludicrous thing I’ve ever read on this forum.

 

If they were ‘looking out for retail investors’ and felt that Ripple were acting illegally they could have stopped it before BILLIONS of XRP entered the market over recent years.  They could’ve responded to repeated pleas for clarity.  They did none of that.

Their current action risks decimating those retail investors that bought while they sat and watched XRP being sold.

And you claim they are looking out for retail investors.  Laughable.

 

I personally think this will be resolved and that XRP will do well out it.  But please, don’t claim they are looking out for us in the action.  Actually it is the exact opposite.

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19 minutes ago, BillyOckham said:

This is the most ludicrous thing I’ve ever read on this forum.

 

If they were ‘looking out for retail investors’ and felt that Ripple were acting illegally they could have stopped it before BILLIONS of XRP entered the market over recent years.  They could’ve responded to repeated pleas for clarity.  They did none of that.

Their current action risks decimating those retail investors that bought while they sat and watched XRP being sold.

And you claim they are looking out for retail investors.  Laughable.

 

I personally think this will be resolved and that XRP will do well out it.  But please, don’t claim they are looking out for us in the action.  Actually it is the exact opposite.

Did you even read this article: https://www.sec.gov/news/press-release/2020-338?  You can try reading this page: https://www.sec.gov/about/what-we-do.

Or maybe you are trying to argue a conspiracy theory that the SEC is corrupt?  Either way I don't want to hear your nonsense, blocked.

 

Edited by wogojump
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class action against the SEC required for negligence of duties to protect unsophisticated investors?also they may not be allowed to collect disgorgement from proceeds as a precedent already set by supreme court,https://www.reuters.com/article/us-usa-sec-lawsuit-idUSKBN1CW2YT

Quote

U.S. SEC wrongly collected $14.9 billion from defendants: lawsuit

By Nate Raymond

3 MIN READ

BOSTON (Reuters) - The U.S. Securities and Exchange Commission has been hit with a class action lawsuit seeking to recover $14.9 billion that lawyers for an investment firm’s liquidating trustee say should not have been collected given a recent U.S. Supreme Court ruling.

The lawsuit was filed in federal court in Boston on Thursday by the liquidating trustee for F-Squared Investment Management LLC, who contends the firm paid the securities regulator $30 million that the SEC was not actually authorized to collect.

The Supreme Court in June scaled back the SEC’s power to recover ill-gotten profits from defendants’ misconduct, handing Wall Street firms a victory and dealing a blow to the regulator’s enforcement powers.

The Supreme Court ruled that the SEC’s ability to have defendants disgorge the sums they earned while violating securities laws was subject to a five-year statute of limitations.  

 

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