bitcoin The SEC and its foray into cryptocurrencies

[Amiami 1362]

Here is a short definition of what the SEC (Securities and Exchange Commission) is: It is an institution of North American origin that has the responsibility of regulating and enforcing the laws of securities.

 

 Lately this commission has moved tab with the markets that move cryptographic values.

 

 I suppose you all know that this institution has currently filed a lawsuit against Ripple labs, the developer of XRP, due to an alleged sale of securities equivalent to 1.3 billion dollars, whose process apparently was not very legal.

 

 This situation has created uncertainty in the market, a plunge of 21% shows the distrust and fear of investors, XRP for years has been characterized as a currency with little support from the community due to its centralized system, so This event has strongly affected Ripple's reputation.

 

 Another case in which the SEC has been involved in recent days was the cancellation of the ShipChain ICO valued at 27 million, in addition the company was fined a value of 2 million dollars.

 

 In addition to this, during 2021 the United States Congress plans to give more powers to the SEC so that its investigations include even those who custody tokens of relative value.

 

 What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

 

[Ridam 7455]

 If we look at the token allocation of Xrp its fully designed to be central entity holding huge number of tokens. And as we listen XRP founders dumping their tokens several times  at some extent it's not right in my view. And also the Network isn't centralised as other Blockchains are.s

The Sec has taken action and Currently I think its best to look and see what happens. Taking any position is too risky considering the un list of Xrp from some exchanges, such big dump which isn't good sign for Xrp founders and holders. 

[abohasnn9 2401]

Thank you for this information-rich article. The xrp currency did not appear out of nowhere in relation mainly to the stock market and the global stock exchange, but I feel these are more stable than others, as it is a very supported currency. Thank you.

[abd1992 960]

9 hours ago, Amiami said:

Here is a short definition of what the SEC (Securities and Exchange Commission) is: It is an institution of North American origin that has the responsibility of regulating and enforcing the laws of securities.

 

 Lately this commission has moved tab with the markets that move cryptographic values.

 

 I suppose you all know that this institution has currently filed a lawsuit against Ripple labs, the developer of XRP, due to an alleged sale of securities equivalent to 1.3 billion dollars, whose process apparently was not very legal.

 

 This situation has created uncertainty in the market, a plunge of 21% shows the distrust and fear of investors, XRP for years has been characterized as a currency with little support from the community due to its centralized system, so This event has strongly affected Ripple's reputation.

 

 Another case in which the SEC has been involved in recent days was the cancellation of the ShipChain ICO valued at 27 million, in addition the company was fined a value of 2 million dollars.

 

 In addition to this, during 2021 the United States Congress plans to give more powers to the SEC so that its investigations include even those who custody tokens of relative value.

 

 What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

 

Ripple has managed, during the last period, to increase and control a large part of the markets, but due to recent media reports, it has significantly decreased.

[Dormilon 2183]

12 hours ago, Amiami said:

 What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

@Amiami The SEC is a centralized body of the US, a country that wants to control the planet, it is not strange that it comes for cryptocurrencies in order to prevent it from displacing the dollar in the world, I think XRP will leave that country, if not will run the risk of creating more mistrust than it does by being centralized and tied to large corporations of American finance, there is a lot of dark about this.
Difficult times are expected for ripple, we hope it can solve its problem and continue to be an alternative for those who believe in it as a currency of value against the dollar.

[velasco19 1753]

It must be understood that crypto-currencies do not have many regulations and for that same reason are lately being subject to increased demand, in the case of XRP it is critical that the company is gradually selling its currencies in order to survive and that worries its holders and investors because of that uncertainty its price drops considerably.
On the road to adoption we are going to be subject to regulations and the SEC is simply exercising its function, I do not think we should worry excessively.

[rekter 8129]

On 12/26/2020 at 1:33 AM, Amiami said:

 

 This situation has created uncertainty in the market, a plunge of 21% shows the distrust and fear of investors, XRP for years has been characterized as a currency with little support from the community due to its centralized system, so This event has strongly affected Ripple's reputation.

 

This seems to only affect coins/tokens that might end up being securities. Ripple might be able to afford to pay the fines but there are lots of other projects that would be absolutely destroyed by this verdic

[yonkii 3205]

I have read that the SEC chairman that sued XRP has stepped down and this was his last act. Looks he was holding some grudge against XRP but it is as you explained, the Ripple company was moving XRP and selling for years, making the price go down. 

But since this is about the SEC mostly, I also read a new chairman has been appointed and there is enthusiasm as he is deemed pro crypto. Perhaps things can be easier for some ICO and crypto projects now.

[abdullah553 1981]

On 12/26/2020 at 1:33 AM, Amiami said:

Here is a short definition of what the SEC (Securities and Exchange Commission) is: It is an institution of North American origin that has the responsibility of regulating and enforcing the laws of securities.

 

 Lately this commission has moved tab with the markets that move cryptographic values.

 

 I suppose you all know that this institution has currently filed a lawsuit against Ripple labs, the developer of XRP, due to an alleged sale of securities equivalent to 1.3 billion dollars, whose process apparently was not very legal.

 

 This situation has created uncertainty in the market, a plunge of 21% shows the distrust and fear of investors, XRP for years has been characterized as a currency with little support from the community due to its centralized system, so This event has strongly affected Ripple's reputation.

 

 Another case in which the SEC has been involved in recent days was the cancellation of the ShipChain ICO valued at 27 million, in addition the company was fined a value of 2 million dollars.

 

 In addition to this, during 2021 the United States Congress plans to give more powers to the SEC so that its investigations include even those who custody tokens of relative value.

 

 What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

 

Ripple did, for some time, to conquer the markets and to rise dramatically before the current decline, but I expect it to rise again soon.

[Syedbesharat 5423]

The sec makes XRP worthless and many big exchanges like coinbase, bittrex,Binance have announced delisting of XRP coin they have set date for members to withdraw XRP from their platform which is 19January 2021.After that they will remove the deposits and withdraws of XRP. The down fall is so big of XRP and it goes to now $0.22.But from latest new XRP CEO announce that people have to listen their side of story. Waiting for this now and observing is it the end of XRP. 

[Raqeebzy 6456]

On 12/26/2020 at 12:33 AM, Amiami said:

What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

Maybe not only in North America. Some other regions will be watching at it closely looking at where this leads to with skeleton investigation and XRP might either be in bigger trouble or this will past and disappear as it comes.

SEC is a necessary organization and to me, they are doing a great work monitoring investor rights.

[Khan 1414]

SEC is planning to take down many coins but according to the XRP owner that press and users only hear one side story and they are filing case against the SEC within weeks.

[zhoutong 2188]

The SEC has more plans but these are to be announced next year as the chairman they had that was against ICO and blocked many projects has left the office for a new one that is crypto friendly as some say. 

[cryptovlek 2597]

The SEC chairman started the legal procedures on Ripple and Xrp the day before he stepped down from his position. Perhaps he thought it was very important to not allow Xrp to be part of the crypto bull run. This helped Bitcoin and other altcoins as the money left Xrp and entered Bitcoin Ethereum, Litecoin and even more cryptocurrencies. It didn't do bad in my opinion but only to Xrp believers that lately knew there were going to be problems. 

We have to find out what the new chairman of the Sec is going to be, some say he has knowledge of cryptocurrencies and others say there is going to be a more strict approach on stable coins, KYC and market regulations. I hope it will be better and without privacy concerns for all of us.

[annayks 2314]

In the end I think there will be an agreement. It could take a year if Ripple wants to fight the SEC and this will damage XRP even more. Ripple shouldn't fight but compromise instead. There are many investors that were hopping a lot from XRP but they had a good picture of what they bought as for years Ripple was opening escrow accounts and had hundreds of social media paid accounts following them and justifying every sale they made.

Edited January 4, 2021 by annayks

[Obliv0n 333]

Something typical of North American institutions, they think they have the right to do whatever it is with whoever they want, since the lawsuit was announced, there has been no further progress, I think this was a strategic move to get XRP out of the picture, leaving a tightrope to those who bet on said currency.

[Sykkuno 2887]

The SEC is dealing with what grows too much and when there are many irregularities, Ripple has had too many of these for years and it took a very long time for this decision, in my opinion it should have been many years earlier, but in any case we don't know all the details and we only know what was made known by the news.

There could be many stories behind this decision that we will never learn.

[bogdanoff 3173]

The SEC has become a bad omen for crypto since years but most times, if not all, the cryptocurrencies have done many wrongs. The only time I saw a mistake in the SEC decisions was with TON and how the SEC stance was against this project from the beginning. It was the only time the fund raising and the economy of the coin wasn't important for them, it was the privacy and encryption of telegram that they feared most.

[percare 3192]

On 12/26/2020 at 1:33 AM, Amiami said:

In addition to this, during 2021 the United States Congress plans to give more powers to the SEC so that its investigations include even those who custody tokens of relative value.

It has already ruled that BTC and Ethereum are clear and are not commodities. XRP was charged to be a commodity and the sales by Ripple to be against the law. The crypto market had many scam ICO and projects that were not what it seemed and there is need for this to stop.

Edited January 7, 2021 by percare

[Abdulrahman3 1252]

As for illicit securities, America is one of the countries that most illegally behaves in this framework, and Trump explicitly requested the Federal Reserve to print for him a large number of dollars without having a corresponding domestic product, but they retreated from the idea in order not to lose The dollar is worth, not because this is an unfair or illegal act.

[tienda 8776]

I'm afraid that the SEC will attack all others cryptocurrency in the future, I don't understand what is their goal, but I think it is very clear they are not agreed to see the people using more and more cryptocurrency than fiat money, and specially they are protecting their currency USD.

[kryptonick 2659]

I will be honest, I don't know what exactly a security is. However, it feels that this is something that should be taxed and reporting to the SEC. I have tried reading about what exactly a security is, but the terminology is very difficult, and in fact it has to be judged each time by experts if an asset is a security or not. Nobody knows what the verdict will be about XRP. And the same was earlier with other crypto projects like EOS. I think this way the SEC manages to be in some kind of review of the companies that started these assets.

[Whited35 15285]

On 12/26/2020 at 5:18 AM, Amiami said:

What do you think about this? Do you think it will be the end of the history of ripple on North American soil? What do you think about the SEC?

This is the era of the decentralization. I think sooner or later, it will be the end of centralized blockchain projects to offer the cryptocurrencies for a huge crypto-community. Currently, Ripple still has the options to fight against the SEC's claim and Ripple can prove them wrong to offer the similar services once again in the markets. 

[teebasas 3018]

The SEC has more plans, but they will be released next year, as their previous chairman, who was anti-ICO and blocked several ventures, has stepped down in favor of a new one, who is said to be crypto-friendly.