wogojump Posted December 24, 2020 Share Posted December 24, 2020 (edited) 3 hours ago, cmbartley said: See: https://www.crunchbase.com/organization/ripple-labs Worst case scenario? Attrition due to lack of legal clarity for years. I am not sure what your point is? Doesn't matter if they gathered part of their funds legally, if they still gathered some of their funds through illegal methods. It is still against the law to violate SEC laws, regardless of have many funds were gathered through legal practices. Sounds like you are arguing they will not be held liable because not enough SEC clarity was provided to them? They are going to have to argue this in court. A few areas they will struggle with: 1.Have you read this article: https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf? They were advised from the beginning by legal advice that XRP may be considered a security: Quote 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. 2. Based on number 1, this is their responsibility as executives of a company to do further due diligence research and confirm with the SEC if XRP should be considered a security. Them choosing to ignore this advice, bypassing SEC legal process, then to publicly claim XRP is not a security (when in fact they did not go through the proper legal process to confirm), and proceed to sell $1.3 billion worth of XRP; is not from attrition due to lack of legal clarity. This is from incompetence and violations of the existing legal process. 3. Ripple's legal counsel is also admitting they may have violated existing investment contract SEC laws: Edited December 24, 2020 by wogojump Link to comment Share on other sites More sharing options...
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 account
Already have an account? Sign in here.Sign In Now