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XRP a Security?? Well just recent as 2019 the SEC directly agreed that it was not!!


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  • RikkiTikki_is_Back changed the title to XRP a Security?? Well just recent as 2019 the SEC directly agreed that it was not!!
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"This agreement will enable MoneyGram to utilize Ripple’s xRapid product (XRP) in foreign exchange settlement as part of the MoneyGram’s cross-border payment process." Clearly the SEC implicitly

Please examine "Item 8.01 Other Events."  In the SEC filing between MG & Ripple.  The SEC approved this!!!  Actually the use of XRapid as it was called then is mentioned 5 times in this document.

SEC lawyer: Yes your honor, governments in other countries may say it's not a security, other branches of the US government may say it's not a security, when retail traders and institutions asked us w

I remember Steve Mnuchin in one of his briefings welcomed the sort of innovations that Moneygram was doing with fintech partners, but advised to exercise caution against other cryptos. It was at that moment that I significantly increased my XRP holdings. I assumed that sort of meant the 'authorities' as a whole were aware/on board with Ripple.

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I don't think this is going to have bearing on the case currently being debated.  It looks to me like SEC is arguing that it was a security at the time of sale (early days) but not now. That they had to sneak in an extension of an extra five years to the statute of limitations to run this case is suspicious.  It makes it look maliciously targeted and will feed the conspiracy theorists.  On the bright side I can't see them arguing that XRP is a security today, if they are, their legal team sucks.

 

If the SEC do win I wonder if they will tell us at what point in time they thought XRP changed?  I bet they don't because that would require doing actual work and knowing what they were doing.

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1 hour ago, RobertHarpool said:

Clearly the SEC implicitly recognizes XRP as a currency

Too simplistic for me. 

Quote

In 2018, the SEC Staff commenced a confidential enforcement investigation concerning whether Ripple’s sales and other distributions of XRP constitute “investment contracts” under Howey and therefore a security, such that those distributions with respect to XRP would violate Section 5 of the Securities Act of 1933.

(My emphasis.) From: https://www.courtlistener.com/recap/gov.uscourts.cand.334410/gov.uscourts.cand.334410.131.0.pdf

I think XRP bulls are seeing what they WANT to see and not being nuanced. 

3 hours ago, RikkiTikki_is_Back said:

The SEC approved this

Too simplistic IMO given the confidentiality of an ongoing investigation. 

...

Just trying to see both sides here. 

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1 hour ago, thinlyspread said:

Too simplistic for me. 

(My emphasis.) From: https://www.courtlistener.com/recap/gov.uscourts.cand.334410/gov.uscourts.cand.334410.131.0.pdf

I think XRP bulls are seeing what they WANT to see and not being nuanced. 

Too simplistic IMO given the confidentiality of an ongoing investigation. 

...

Just trying to see both sides here. 

Yeah, I think the vast majority just misinterpret the lawsuit altogether. As has been said many times before, it’s not about wether or not XRP is a security, it’s about wether the way it was presented and sold during a specific period of time represented an investment contract or was misleading and violating the securities laws by not being registered. They’re basically saying the defendants were being shady about their sales and information, not that XRP itself was and is a security or not. 

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7 minutes ago, JASCoder said:

This SMASHING of XRP's price was a deliberate act - either out of an abuse of vindictive power, or ?
To claim the smash was an "unintended consequence" would mean admitting they are careless with their power ; or just plain inept.

I still say something's fishy, and stinks of something corrupt. But I'm just a cynic.

I don’t know enough to know one way or another, never really been into politics. I THINK this might just be an incompetent, disorganized governmental branch. That has been my experience with the government and that is what I base my opinion on, for what it’s worth. (Lazy, incompetent, apathetic). “Mehh who cares what the consequences are, I finished my job NOW and NOW I will decide to take action, whatever consequences that might have is not my problem. I have my salary and I’m putting in the hours.” Clock in, clock out, rinse and repeat. 

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41 minutes ago, Neurotoxin said:

Yeah, I think the vast majority just misinterpret the lawsuit altogether. As has been said many times before, it’s not about wether or not XRP is a security, it’s about wether the way it was presented and sold during a specific period of time represented an investment contract or was misleading and violating the securities laws by not being registered. They’re basically saying the defendants were being shady about their sales and information, not that XRP itself was and is a security or not. 

But then why does every exchange's and even companies like MoneyGram's lawyers interpret it to mean that the SEC is claiming that XRP itself is a security and therefore they can't use it?  If the claim is merely that Ripple, CL, and BG sold XRP inappropriately, why can't you buy it from US exchanges?

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1 hour ago, RobertHarpool said:

"I say ... I say ... Listen to me when I'm talkin' to ya' boy.... This has gone too far!!! Reminds me of Paul Revere's ride ... a little light in the belfry." 

-Foghorn Leghorn

Foghorn.jpg.224a678cac694688f0fcdc5bc1c7b5e7.jpg

 

 

 

That bird was so funny. The name is what did it for me. That, coupled with the accent. 

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2 hours ago, brianwalden said:

But then why does every exchange's and even companies like MoneyGram's lawyers interpret it to mean that the SEC is claiming that XRP itself is a security and therefore they can't use it?  If the claim is merely that Ripple, CL, and BG sold XRP inappropriately, why can't you buy it from US exchanges?

I don’t know. Uphold continues to allow XRP trading to us customers. I assume some are more cautious than others. 

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