Popular Post Seoulite Posted April 19, 2021 Popular Post Share Posted April 19, 2021 (edited) Don't have time to read it all. https://www.wsj.com/articles/the-secs-cryptocurrency-confusion-11618611723 Cryptocurrencies are a new force in financial markets, but their emergence is following an old pattern, for better and worse. Wednesday saw a step toward institutionalizing their trade with the $86 billion public offering of Coinbase , the largest U.S. cryptocurrency exchange. But regulators are creating danger for currency developers and retail investors. The uncertainty is on display in the Securities and Exchange Commission case against Ripple Labs, a digital currency issuer. The SEC in December charged Ripple with issuing $1.3 billion in unregistered securities, based on the company’s initial offering of its currency in 2013. The agency says Ripple’s efforts to promote and profit from its product qualify the currency as a security, subject to the restrictions that govern sales of equities. Yet court findings in the discovery phase of the suit have highlighted the inconsistency of the SEC’s approach. In March Magistrate Judge Sarah Netburn told lawyers that Ripple “has a utility,” casting doubt on the SEC’s view that the tokens are principally a claim on future profits. And last week Judge Netburn granted Ripple access to the SEC’s discussions of bitcoin and ether, the two largest cryptocurrencies, which the agency considers exempt from its rules. The SEC believes bitcoin and ether aren’t securities, in part because their developers don’t profit from their sale. But those exemptions were announced through statements from former SEC Chairman Jay Clayton in 2019 and 2020, with no formal rule-making. The findings by Judge Netburn in the Ripple case suggest that the agency hasn’t set clear rules for which currencies it regulates and which it doesn’t. Edited April 19, 2021 by Seoulite changed title so it's clearer for non-Americans emsemporium, Caracappa, Frisia and 8 others 6 5 Link to comment Share on other sites More sharing options...
panmores Posted April 19, 2021 Share Posted April 19, 2021 Great stuff, this after the really good Forbes article. Must confess, was initially intimidated by the harsh SEC action. But so untimely, arbitrary and flawed, now one should even welcome their arrogance since Ripple will be cleared on the important fronts. Still think BG and CL could have played this more wisely, but they don't need anyone's empathy, their money can buy them anything. Beautiful bad press the SEC is getting - of all things from the Journal which is a voice of the U.S. financial establishment. StellaBlueZerps, pucksterpete, JBW and 5 others 7 1 Link to comment Share on other sites More sharing options...
melushell Posted April 19, 2021 Share Posted April 19, 2021 (edited) Even if SEC's action is very sloppy and ill-intended I am actually very happy that it happened. It brings more attention to the space and hopefully answer a bunch of questions about all this madness going around us.. I love the concept of IOV, how revolutionary and impactful will be for humanity. To support that vision , I have decided to invest my hard work earned paper-tokens for XRP, knowingly that they are not a share in Ripple My first intention was to help Ripple to achieve that vision they set on for, my second intention is to make a profit (if they become successful). Ripple is hiding behind "we've been gifted XRP" narrative and they shouldn't. They should be extremely open on how they actually use the asset to fuel and run the big machine. To me whoever is buying or trading XRP is helping the network exist. So lets get some slaps going, get some clarity and start making some dents in the universe already! Edited April 19, 2021 by melushell panmores, Seoulite and DannyRipple 2 1 Link to comment Share on other sites More sharing options...
RipMcGillicuddy Posted April 19, 2021 Share Posted April 19, 2021 the more clicks these articles, the more publications will follow the trend to report on this story. meaning the more pressure heaped on Gensler and team to get to a resolution. This is great to see. VanHasen, DannyRipple, panmores and 1 other 4 Link to comment Share on other sites More sharing options...
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