Bloomerg - Cryptocurrency’s Future in the U.S. Is Threatened By SEC Action Against Ripple

[melushell]

https://news.bloomberglaw.com/class-action/cryptocurrencys-future-in-the-u-s-is-threatened-by-sec-action-against-ripple

 

[JASCoder]

Awesome piece. The heats continues to pour on. 

And, imho, the DOJ needs to investigate this whole mess.

[Seoulite]

Extra fun quotes from the piece:

"Securities and Exchange Commission Chairman Gary Gensler has an important opportunity to undo actions taken in the waning hours of the Trump administration that threaten cryptocurrency innovation."

"Accordingly, it makes no sense to regulate cryptocurrencies like XRP as securities, as the SEC itself has recognized for XRP’s leading competitors Bitcoin (BTC) and Ethereum (ETH). Yet the SEC claims otherwise for XRP, because of the very thing that makes XRP more appealing than its higher-market cap alternatives: XRP’s superior method of issuance."

"Treasury Secretary Janet Yellen recently described Bitcoin as “an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering.”"

"Gensler has a solid understanding of blockchain technology, and he could usher in fresh start on cryptocurrency by dismissing the case against Ripple."

 

[Neurotoxin]

13 minutes ago, Seoulite said:

Extra fun quotes from the piece:

"Securities and Exchange Commission Chairman Gary Gensler has an important opportunity to undo actions taken in the waning hours of the Trump administration that threaten cryptocurrency innovation."

"Accordingly, it makes no sense to regulate cryptocurrencies like XRP as securities, as the SEC itself has recognized for XRP’s leading competitors Bitcoin (BTC) and Ethereum (ETH). Yet the SEC claims otherwise for XRP, because of the very thing that makes XRP more appealing than its higher-market cap alternatives: XRP’s superior method of issuance."

"Treasury Secretary Janet Yellen recently described Bitcoin as “an extremely inefficient way of conducting transactions. And the amount of energy that’s consumed in processing those transactions is staggering.”"

"Gensler has a solid understanding of blockchain technology, and he could usher in fresh start on cryptocurrency by dismissing the case against Ripple."

 

This is a little bit too much hopium IMO. I HIGHLY doubt they would just dismiss the case. If they did though, I don’t know how long I’ll have a grin on my face for. 

[Seoulite]

3 minutes ago, Neurotoxin said:

This is a little bit too much hopium IMO. I HIGHLY doubt they would just dismiss the case. If they did though, I don’t know how long I’ll have a grin on my face for. 

I agree I am not expecting it. But it's so nice to have MSM saying this very directly. Imagine if it was the other way around and we had WSJ and Bloomberg publishing articles titled: "The SEC is right to crack down on 'magic money' fraudsters like Ripple' or 'SEC vs Ripple: The Only Question is Why Wasn't Ripple Confronted Sooner?'

[Neurotoxin]

10 minutes ago, Seoulite said:

I agree I am not expecting it. But it's so nice to have MSM saying this very directly. Imagine if it was the other way around and we had WSJ and Bloomberg publishing articles titled: "The SEC is right to crack down on 'magic money' fraudsters like Ripple' or 'SEC vs Ripple: The Only Question is Why Wasn't Ripple Confronted Sooner?'

Yeah, I gotta say I’m glad to see mainstream articles being written in favor of Ripple. It sure sets the tone a lot better and sends a good message for potential investors. When the price drops everybody panics and all the bad news and articles start coming out, along with “explanations” for the market crash and just outright FUD. I’m sitting this one out. If I waited through 2017 till now, what’s a little longer till the end of the year to see where we stand? The narrative might change a week or a month from now and everybody forgets this week, and if/when we have another hiccup like this, we start the cycle all over again of the new accounts flooding in with the doom and gloom and being mean to everyone. 

[Barefooter]

19 hours ago, JASCoder said:

Awesome piece. The heats continues to pour on. 

And, imho, the DOJ needs to investigate this whole mess.

Agreed great piece and the DOJ should investigate this.  However I seriously doubt anybody will ever be held accountable.

If the case is merely dropped that might not be a good thing unless there is clarity and regulations put into place at the same time.

[melushell]

I honestly hope the SEC will not drop the case. I REALLY want to hear a judge dismissing it, than we go around the moon a couple of times together.