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ShipChain, which agreed to the penalty and quickly settled the suit, was ordered to cease operations. Is it ok for Ripple only?


shery

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Logistics provider ShipChain, which built on blockchain, shutting down after big payment to SEC

https://www.freightwaves.com/news/logistics-provider-shipchain-which-built-on-blockchain-shutting-down-after-big-payment-to-sec

 

ShipChain was penalized and settled, but they were put out of business.

ShipChain settles ICO lawsuit with US securities regulator

https://coingeek.com/shipchain-settles-ico-lawsuit-with-us-securities-regulator/

Reading the above article, it appears that the settlement includes a suspension of ShipChain's business.

 

The SEC also asked for ”injunctive relief” in the press release suing Ripple.

https://www.sec.gov/news/press-release/2020-338

Quote

The SEC's complaint, filed today in federal district court in Manhattan, charges defendants with violating the registration provisions of the Securities Act of 1933, and seeks injunctive relief, disgorgement with prejudgment interest, and civil penalties.

Injunctive relief would probably include suspension of business.

Ripple CEO Brad Garlinghouse said he would not settle with the SEC in June of this year.
I am guessing this may have something to do with it.

 

 

Edited by shery
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1 hour ago, shery said:

Logistics provider ShipChain, which built on blockchain, shutting down after big payment to SEC

https://www.freightwaves.com/news/logistics-provider-shipchain-which-built-on-blockchain-shutting-down-after-big-payment-to-sec

 

ShipChain was penalized and settled, but they were put out of business.

ShipChain settles ICO lawsuit with US securities regulator

https://coingeek.com/shipchain-settles-ico-lawsuit-with-us-securities-regulator/

Reading the above article, it appears that the settlement includes a suspension of ShipChain's business.

 

The SEC also asked for ”injunctive relief” in the press release suing Ripple.

https://www.sec.gov/news/press-release/2020-338

Injunctive relief would probably include suspension of business.

Ripple CEO Brad Garlinghouse said he would not settle with the SEC in June of this year.
I am guessing this may have something to do with it.

 

 

Totally different circumstances. Try reading the articles you link to.

From your link https://www.freightwaves.com/news/logistics-provider-shipchain-which-built-on-blockchain-shutting-down-after-big-payment-to-sec

"The plan that investors were told is that the funds from the ICO would be used to build the platform. As the settlement document notes, the platform was not up and running at the time of the ICO."

Ripples penalty has yet to be decided.

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42 minutes ago, elias said:

We can but dream.

 

But we must also consider the possibility of business shutdowns. I don't think we can say that there is no possibility of business shutdown.

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18 minutes ago, StrangeDays said:

Totally different circumstances. Try reading the articles you link to.

From your link https://www.freightwaves.com/news/logistics-provider-shipchain-which-built-on-blockchain-shutting-down-after-big-payment-to-sec

"The plan that investors were told is that the funds from the ICO would be used to build the platform. As the settlement document notes, the platform was not up and running at the time of the ICO."

Ripples penalty has yet to be decided.

The primary sale being illegal is probably based on "A purchaser in the offering of XRP would have a reasonable expectation of obtaining a future profit based on Ripple's representations and efforts to build its business."
It does not matter whether the platform is at the point of sale or not.

Ripple's penalty has not yet been finalized, but XRP's fine will be very high. It cannot be said that there are no institutional investors who did not incur losses because the price has been rising since the beginning; XRP was initially in a low range all along. I believe there are institutional investors who have incurred losses. If that is the case, I believe the fines will pile up if proven.

We would have to consider the possibility of penalties and the possibility of choosing to settlement.

All possibilities would need to be considered.

 

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14 minutes ago, StrangeDays said:

There is no possibility of a business shutdown. I've told you before, you're an idiot.

You need to speak your own logic and your own opinion.:)

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49 minutes ago, PlanK said:

The only people who really care what the fine is, is Ripple.  Means nothing to hodlers, business operations or the ledger.

 

I guess it has value as a straw for FUDers to grasp at?

I am not a FUDer. I am in XRP Rich List 1%.

Why is it pointless to discuss these things?

I fear that Ripple will shut down its business.This is because without a surplus of XRP, their expansion in the money transfer company and banking sector could be cut off.
Without XRP incentives, it will be even more difficult for remittance companies and banks to adopt XRP.

There is a precedent in the US where e-gold has been shut down.

 e-gold also had operations in the US.

 

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22 minutes ago, BillyOckham said:


Wanna bet?    :) 

 

There is absolutely no chance of that.  How anyone could think that is beyond me.

 

SEC has the initiative regarding primary sales. Why can you say that?

It is not a matter of betting or not betting.
I am not competing with you.
As an investor, I want to know your rationale.

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1 hour ago, shery said:

SEC has the initiative regarding primary sales. Why can you say that?

It is not a matter of betting or not betting.
I am not competing with you.
As an investor, I want to know your rationale.


If you think that a company operating worldwide with a potential to be worth billions is going to fold simply because the temporary direction of the regulator in the United States is against it….    then I doubt that you are amenable to reason.

 

That is a truly foolish notion.

 

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23 minutes ago, BillyOckham said:


If you think that a company operating worldwide with a potential to be worth billions is going to fold simply because the temporary direction of the regulator in the United States is against it….    then I doubt that you are amenable to reason.

 

That is a truly foolish notion.

 

Don't you think that they are doing to Ripple is already far beyond such a feeling?

The SEC may not believe they are violating a temporary directive.I think the SEC fundamentally thinks Ripple is violating the law.I certainly think Ripple fundamentally needed to register if Ripple wanted to operate in the US.

So I think the SEC is fighting Ripple thoroughly.

The fact that the SEC has the initiative over primary sales results is a very scary aspect of this litigation.

 

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16 minutes ago, shery said:

The fact that the SEC has the initiative over primary sales results is a very scary aspect of this litigation.

It's scary to ETH investors and all the others that ICO'd.  Unlike them and the example you gave in the OP, Ripple didn't ICO.  No ICO, no fear.  Ripple will pay a fine for whatever transactions are deemed naughty and go about their business.

 

 

 

2 hours ago, shery said:

I am not a FUDer.

That's exactly what a FUDer would say.

 

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32 minutes ago, PlanK said:

It's scary to ETH investors and all the others that ICO'd.  Unlike them and the example you gave in the OP, Ripple didn't ICO.  No ICO, no fear.  Ripple will pay a fine for whatever transactions are deemed naughty and go about their business.

ETH was issued in Switzerland.
The SEC has no jurisdiction over primary sales.

When ICOs were popular, there was a sense that many ICO currencies would be in trouble if issued in the United States.And many ICO currencies prohibited Americans from participating.
In fact, many ICO currencies were incorporated and issued overseas.

In a way Ripple is unlucky because XRP came on the scene so quickly.

 

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