[주간톡톡] “Next is Ripple (XRP), I chose you”… SEC lawsuit continues

Weekly Talk Talk is a corner where you can have fun talking with readers by reconstructing the week’s blockchain news. This week we will tackle the dispute between Ripple and the SEC. So let’s get started!

[美 SEC, 리플에 ‘기소’ 통보…”투자자 보호법 위반 혐의”]

Cryptocurrency Ripple (XRP), the third largest market cap, is showing a shocking decline. This is because the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for selling unregistered securities.

This lawsuit is related to whether or not the cryptocurrency XRP issued by Ripple in 2012 is securities. The SEC and Ripple have been in dispute for years over whether XRP is a securities or not. To date, the only cryptocurrencies that the SEC has confirmed as not securities are Bitcoin and Ethereum.

The problem is that most of the companies that have filed similar lawsuits with the SEC have been defeated. Telegram’s ambitious’TON’ project ended in a dispute with the SEC before even seeing the light. Kick also agreed to pay a fine of 5 million dollars (about 5.6 billion won) after a dispute with the SEC.

First of all, regardless of the win or loss, the longer the lawsuit, the greater the burden of Ripple is. If the SEC wins, all exchanges that allow XRP trading are likely to stop trading because there is a potential for offense. In fact, many exchanges and liquidity providers are discontinuing XRP support.

There is a story that even Coinbase, the largest cryptocurrency exchange in the United States, can delist XRP. Will Ripple be able to win the SEC’s sharp blade? I am worried that maybe only a victory with only wounds remains.

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[리플 CEO “SEC 완전히 틀렸다…XRP 증권 아냐”]

Ripple strongly stated that the SEC prosecution was unfair.

Ripple CEO Brad Garlinghouse said it was “a legal and contextual wrong move” and “an attack on the cryptocurrency industry as a whole and US innovation. He then expressed his will, “We will respond on behalf of the industry so that SEC cannot suppress the cryptocurrency industry.”

In addition, he said through the official website of Ripple, “SEC is completely legally wrong with the facts.” “Ripple (XRP) is the third largest cryptocurrency that trades billions of dollars every day. Like Bitcoin and Ethereum, investment contracts No.”

Despite Ripple’s plea, industry views remain divided.

Former Commodity Futures Trading Commissioner Christopher Giancarlo said, “XRP should be regarded as a currency or a means of exchange rather than securities.”

On the other hand, Jerry Britto, director of the Coin Center, a cryptocurrency non-profit organization, actually gave the SEC a hand, saying, “We can’t make any objections to the claim that XRP is a security.”

Who will win the bout between the leading US cryptocurrency companies and financial authorities? Which side do you think is correct?

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