Cryptocurrency company Ripple says SEC lawsuit is imminent
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Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#2I saw some articles where they suggested this announcement is strange
It is not strange, the SEC sends what are called Wells Notices to companies and reporting companies often announce the receipt of them
Ripple is not a reporting company and doesnt have an asset to report on, and coming to an agreement with the SEC on staying that way has hit an impasse, for them to announce this
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#3Won’t have an impact on the broader crypto market, but it will signal that the US is diehard anti-crypto. So many companies have already moved offshore, anyone trying to play in the US should get out ASAP. Who is the SEC protecting? Anyone who has bought XRP doesn’t give a shit.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#4Won’t have an impact on the broader crypto market, but it will signal that the US is diehard anti-crypto. So many companies have already moved offshore, anyone trying to play in the US should get out ASAP. Who is the SEC protecting? Anyone who has bought XRP doesn’t give a shit.
> Won’t have an impact on the broader crypto market,
BTC has been struggling to push higher for a few days with bearish moves. I'm still a long term bull but I just pulled 100k out, should get a nice discount as it breaks down toward 20k. (I'll average in at anything below 21.)
> Who is the SEC protecting?
JP Morgan and the US e-Dollar.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#5I kind of thought the SEC had given Ripple a pass since they waited so long, but it's a pretty clear cut case if you ask me. I don't expect the SEC to lose this one. I'm not sure what the consequences will be.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#6Won’t have an impact on the broader crypto market, but it will signal that the US is diehard anti-crypto. So many companies have already moved offshore, anyone trying to play in the US should get out ASAP. Who is the SEC protecting? Anyone who has bought XRP doesn’t give a shit.
> but it will signal that the US is diehard anti-crypto.
From the article: SEC officials have declared Bitcoin and Ether to be currencies, as they are decentralized in their management, but have left the door open for others to qualify as securities, especially at the time of their issuance.
So not really. The US needs to evolve to the new world.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#7If your coin can be sued by the SEC, then it's probably not decentralized.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#8Won’t have an impact on the broader crypto market, but it will signal that the US is diehard anti-crypto. So many companies have already moved offshore, anyone trying to play in the US should get out ASAP. Who is the SEC protecting? Anyone who has bought XRP doesn’t give a shit.
> Won’t have an impact on the broader crypto market, BTC has been struggling to push higher for a few days with bearish moves. I'm still a long term bull but I just pulled 100k out, should get a nice discount as it breaks down toward 20k. (I'll average in at anything below 21.) > Who is the SEC protecting? JP Morgan and the US e-Dollar.
> US e-Dollar.
Or FedCoin as George Hotz called it recently in a Lex Friendman podcast [0].
P.S.: I thought this was an entertaining podcast, George is a funny guy.
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Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#9Won’t have an impact on the broader crypto market, but it will signal that the US is diehard anti-crypto. So many companies have already moved offshore, anyone trying to play in the US should get out ASAP. Who is the SEC protecting? Anyone who has bought XRP doesn’t give a shit.
Ripple isn't really a crytocurrency, it's certainly not a decentralized cryptocurrency.
I don't think this is likely to send a signal that the US is "anti-crypto", though I'll have to see the litigation to know for sure.
When ripple was created many people in the cryptocurrency space had or were considering doing something similar and many reached the conclusion that what ripple went on to do would be unambiguously unlawful.
More enforcement can actually send a very positive signal: Lack of enforcement goes on to create a lemon market where bad conduct flourishes. It's extremely difficult to be in business against someone that can bring in billions in funding with almost no real obligations by deceiving unsophisticated members of the public. The lack of enforcement also sends an ambiguous signal that maybe more legitimate efforts will be prosecuted but just haven't yet because they haven't gotten around to it as evidenced by the lack of prosecution of many of the more obviously sketchy efforts.
Re: Cryptocurrency company Ripple says SEC lawsuit is imminent
#10If your coin can be sued by the SEC, then it's probably not decentralized.
They aren't suing XRP