RT @ahcastor: Well, this is a long time coming: The SEC is getting ready to file civil charges against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen. The lawsuit revolves around whether XRP is unregistered securities offering https://t.co/57w7e4bs8b
Whether it's a literal scam is not what the SEC is alleging.
Regardless, the issue with Ripple has always been lack of real utility for the token and the company relentlessly dumping huge tranches of supply on retail.
Not the best coin to go all "maybe alts are interesting" on. https://t.co/j4uSD5SmE4
IMO, the SDF needs to be proactive and get ahead of any SEC scrutiny. I think if the SDF takes a wait-and-see approach to the SEC enforcement, that will be a huge mistake. If they win over Ripple (either via lawsuit or a significant settlement), SDF the next obvious target. The biggest issue SDF has is the centralization concern by owning the majority of XLM tokens. They need to reduce this quickly without selling them for profit (which would only make things worse). They need to either burn or airdrop (in 1:1 ratio to current non-SDF wallets) enough XLM so they are much lower than majority control. Ideally, they should get it below 25%. Otherwise, it will cost them a lot more in SEC action and investors in XLM in price depreciation. Thoughts?
This shouldn't have any effect on Stellar (other than the current price dump) but Jeb personally could be fined or in trouble for his involvement with XRP in the early stages depending on what comes out in court..
I think Jeb could make the argument he was deeply unsettled by the policies set forth by other members contributing to Ripple and that cause his split and the creation of Stellar. Might be good publicity if he spins it right but he may have to pay a fine. Jeb needs to release a statement of some kind distancing himself from those policies. It would also be good PR..
chyeo19793 ~ 4 years account age. 80 - 175 comment karma.1 month ago
All the xrp gain from the recent rally is almost gone. RIP
thats not the only charge. SEC is insinuating XRP is a security. Yes there are definitely a few points here on the line, the Ripple execs paying themselves, manipulating market, going against SEC recommendations even though they clarified what they would be doing is illegal, defining XRP a security or not.
This case is going to be huge and have effects across the crypto industry
Yes, you are correct. Multiple issues. I was just pointing out one that hasn’t been mentioned as much. To me, the actions of the founders is a bit more troubling...makes me glad I’m not invested in XRP. The whole security issue was eventually going to be dealt with one way or the other.
Japan’s FSA has already made it clear that XRP is not a security. I’m optimistic that Ripple will prevail in the final ruling in the US. SBI Holdings remains a steadfast partner to Ripple, and looks forward to expanding together in Asia.
Today, the SEC voted to attack crypto. Chairman Jay Clayton - in his final act - is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH.
We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments - speed, cost, scalability and energy efficiency. It’s traded on 200+ exchanges globally and will continue to thrive.
The SEC - out of step with other G20 countries & the rest of the US govt - should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win - this battle is just beginning.
This is US SEC, vaild for within the US ONLY, for most of XRP HODLers this has zero impact, 90% of Ripple's business is outside the US, majority of XRP (in circulation, Ripple and Jed and Larsen not counted) is held by non US citizens
Ripple tried the right things, Washington office, hiring bank(st)ers, ex SEC-ish folks, dealing with regulators and I'm really glad that this actually happened. Gloves are off and it's time to finally get that regulatory clarity with 2 years from now. This is gonna be huge ruling for all cryptocurrencies in general and unlike little KIKs and EOS they picked someone that can fight with big boys. I'm really looking forward to this and until it's settled my special membership in this subreddit will proudly be the XRP badge.
No more oranges, apples and fruit-like Howey tests, this time it's "XRP the standard" test, "the zero doubt" that SEC will make itself ridiculous.
The biggest bombshell on all this and do note that things are still unclear is that SEC didn't announced this but Ripple itself meaning that most likely that things were discussed behind the close doors and something blew up... It could be that nothing happens with new admin coming in but this is really unheard of what the current admin is doing with crypto-space in their last month. If you had any doubts which administration was the worst for crypto, now you know, it's this one.
The entire crypto sphere should be united on this and support team Ripple. If you really hate XRP and you're parroting what you've heard in this subreddit without your own research, I urge you think again. 80% of validators on the XRP Ledger are non-Ripple, they decide things and can change things without Ripple just like that.
If you have BTC and ETH and have https://en.wikipedia.org/wiki/Schadenfreude think again? Only 3-4 mining groups control over 50% of hashing power on Ethereum and Bitcoin networks and majority of miners is situated in China (see little pathetic tweet from Vitalik above, the dude lost all my respect!!). Imagine further US and China escalation? Now while you shit on XRP and Ripple think of this poem
First they came for Ripple, and I did not speak out— Because I had no XRPThen they came for Ethereum, and I did not speak out— Because I had no ETHThen they came for the altcoins, and I did not speak out— Because I had no altcoinsThen they came for bitcoin HODLers—and there was no one left to speak for me.
I absolutely think that XRP and ETH (I just sold it cause I have zero respect for Vitalik) will still crush it next year and this is just a short-term setback for XRP HOLDers.
So, if you are happy that this happened to Ripple, rethink your position.
To XRP community, merry Xmas and happy holidays!
mother_431 ~ 2 years account age. < 11 comment karma.1 month ago
Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E)
A Rule by the Consumer Financial Protection Bureau on 06/05/2020
The Bureau has continued to monitor the remittance transfer market since the publication of the Assessment Report and observes that most of these developments continue to progress. Examples include: (1) The continued growth and expanding functionality of the Society for Worldwide Interbank Financial Telecommunication (SWIFT)'s “global payment innovation” (gpi) tracking product, which can increase the amount of up-front information available to sending institutions, and the expansion of the major payment card networks' capacity to support cross-border payments;  (2) the continued growth of “fintech” nonbank remittance transfer providers and their further expansion into partnerships and other relationships with banks and credit unions, which allow such entities to tap into the closed network payment systems that nonbank remittance transfer providers have developed;  and (3) the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers.