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


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I agree with many that if the S.E.C's role is to protect investors they have had since 2013 to take action. They have been in talks with Ripple for years. If the idea was to protect the retail investors then they should have taken action years ago. Instead they wait until now. Right before the turnover of a presidential administration, the change over in the leadership of the SEC, and during a pandemic. Personally I don't think it is just bad timing. I think it is just plain stupid. Anyway, the ball is rolling, and short term wise it will be a drop in price with a large amount of speculation and uncertainty. The SEC's argument about Ripple being a pryimaid scheme is fine, if the acknowledge that their own lac luster behaviour for clarification has made it to where companies are unwilling to utilize the asset, since they lack the capability to do their job. If it is true that the SEC approached both Larsen and Garlinghouse for a private settlement without suit then at the very least that seems shady as f'. So now they want to privately bully two founders of a corporation for a settlement and when that doesn't go well they make a suit that involves everyone that bought the asset. Now instead of hurting two people in some shady stuff they involved themselves with everyone. So sure, if you have a class action suit against the SEC I'm in, just because well the U.S. gov't needs to get its act together and not just on this particular issue.

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Yes I did.     They are harming retail investors right now and have been for years by inaction if you believe this charge is a real reflection of how things stood. So you think that no perso

Personally I like this one: So in its allegation, the SEC points out that XRP is a registered virtual currency and therefore no security.

Ok that is just about enough.. while you did have some funny moments here and there this is just getting pathetic and sad for someone to hold so much animosity against something that don't effect them

5 hours ago, mrak said:

Explain how burning unused XRP (presently in escrow) would affect liquidity. Burning this unused XRP won't even affect the price (consult Stellar). Perhaps give me the equation concerning the divisibility problem you are referring to.

In the short run, it wouldn’t affect the price. In the long run it would reduce how much xrp there would be to go around. You’d have one xrp being worth some ridiculous amount, making it more difficult to be used for micro-transactions. If one xrp can buy a car, then it may prove tough to use even a fraction of one to buy a loaf of bread.

clearly an extreme case, but I think the idea is for it to be used as a currency, not an investment asset like gold (or bitcoin).

that aside, if the banking sector has to buy from the public at market rates, that would disincentivize adoption, and create the liquidity problem I spoke of... only the problem wouldn’t be cash, but not enough XRP. Sounds sweet to us, but if I was a bank I’d tell Ripple to go **** themselves.

Edited by manifestxrpdestiny
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On 12/23/2020 at 1:31 AM, wogojump said:

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:

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

True. But I just don't understand why it didn't happen years ago then. For x years this has been going on and they were unable to realise/see it?

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On 12/23/2020 at 2:30 AM, BillyOckham said:

Yes I did.  
 

They are harming retail investors right now and have been for years by inaction if you believe this charge is a real reflection of how things stood.

So you think that no personal animus or agendas ever get into government actions?  That every department achieves its stated public goals?  That they only ever do what their charter charges them with?  That they sometimes don’t break the very things they are supposed to protect?


They are harming the retail investors right now and had years to do something if they felt that way.  That he does this on his way out the door is extremely telling.

I take it as an accolade that someone with your posting history blocks me.

 

They're certainly harming retail investors. The SEC should be sued themselves. First letting this thing go on for 7 years and acting like everything is ok and then dropping a bombshell just before the guy from the SEC leaves which makes XRP drop 30%. And that's mainly retail "investors". So how this helps I don't understand.

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On 12/23/2020 at 5:44 AM, buh said:

"338. Since its launch, ODL has gained very little traction, in part due to certain costs of using the platform. From October 2018 through July 26, 2020, only fifteen money transmitters (none of which are banks) signed on to potentially use ODL, and ODL transactions comprised no more than 1.6% of XRP’s trading volume during any one quarter (and often substantially less).

I've said numerous times there is no actual usage of ODL. Or negligible in comparison with the rest of their business. And that it's massively overvalued. So hopefully we go to 1 cent XRP or lower to get it in a more logical price range.

So this has been told on this forum so many times. But I guess you only read what you want to hear.

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1 hour ago, SquaryBone said:

True. But I just don't understand why it didn't happen years ago then. For x years this has been going on and they were unable to realise/see it?

There will most likely be additional reasonings, which some are probably political. Including reasonings that are not in the best interest of the current retail investors.  This should have been exposed much earlier for the best interest of retail investors, like years ago when the XRP community was pushing back on Ripple to stop dumping XRP.  A few of my speculations on why it occurred now:

 

1. believe the SEC doesn't focus all its resources constantly hunting down and finding violators of SEC policies.  Rather it establishes the polices, with legal expectations businesses and people will follow the already established laws.  Ripple's executive leadership on day one received legal advice that XRP may be deemed a security.  This was Chris and Brad's responsibility to reach out to the SEC to file and/or confirm if SEC considers XRP to be a security. They never did this and chose to publicly declare XRP not being a security (bypassing the legal process).

The SEC often waits for cases to get big enough and have enough evidence of violating SEC laws before filing a case, which they believe they have a valid case at this time.

 

2. I do believe this event was triggered based on politics, which Brad aligned himself on the wrong side at the wrong time.  Which you don't do, when you are actively violating laws.  Brad has always been vocal on twitter with politics.  Including congratulating Joe Biden as soon as he won the election.  He has donated around $100,000 to democratic candidates (some of it going directly to Joe and Kamala): https://www.opensecrets.org/donor-lookup/results?name=brad+garlinghouse. They also hired Bill Clinton for the keynote speaker in 2018, which I believe he usually charges roughly quarter of a million for these speeches.

 

See this example of letter Jay sent to Trump, right after he filed these lawsuit and retired : https://www.sec.gov/news/public-statement/clayton-2020-12-23

Quote

As we recently discussed, I am in the process of wrapping up my agenda and will depart on December 23rd.  I wish you and your family a Merry Christmas and Happy Holidays and all the best for the future.  Thank you again for the faith you placed in me to lead the wonderful women and men of the SEC.

 

Trump isn't the most ethical person, but he has always been good at playing the system.  I am sure Trump was aware of Ripple and other organizations giving funding to his competing politicians (Joe and Kamala).  Trump most likely knew both Ripple executive team and Ripple organization itself was funneling money to Biden campaign.  Which is all fine, until you have evidence they are raising this money through Illegal practices that are violating security laws.  This money should have never been able to be raised and donated to democratic party and Ripple should be investigated.  Trump most likely requested/told Jay to file this case against Ripple before he left his position.

Edited by wogojump
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Just wondering: who or what entity does the lawsuit apply to. I mean it's always been said it's targeting Ripple but does it actually say which persons/entity? Is it Ripple specifically or just Brad and Chris. Because the talks here seem to be about Brad and Kris selling their stacks of XRP and not about Ripple doing so.

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8 hours ago, wogojump said:

Trump most likely requested/told Jay to file this case against Ripple before he left his position.

I agree. It's just so odd to get this case at this time and then Clayton resigning right after. But couldn't he just resign straight away without filing the case? Is the SEC supposed to be politically involved? If not this isn't a nice picture of Clayton.

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The more I read into what is going on, the more I find a defined line between Ripple and XRP. 2020 is suppose to be the year of the digital asset and I take this to mean XRP is finally ready to blossom without the support of Ripple and their company’s influence. Now is time for Ripple to demonstrate there is no correlation between their company & XRP.

Perhaps some scares for the American people, where US exchanges halt trading only further proving XRP can and will stand on its own. This is what we will see in 2021 as the World moves forward with XRP and the digitizations of global virtual currencies with or without the USA.

The staff at Ripple are Martyr’s who have fought the good fight for the benefit of the World to which I say: Thank You for your service, it’s the least I can do.

Edited by Scout
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