$100+ 02 Mar 2023 03:01:07 Ripple, a technology startup based in San Francisco, is well-known for its cryptocurrency holdings. Currently, the RippleNet ecosystem does not require owning or transfers in XRP. Im not saying the govt shouldnt go after bad actors. Decentralized Lending Risk Management; Lessons Learned with Compound Labs, 2023 CMC Crypto Playbook: How DEXs Can Surpass CEXs by Uniswap Labs, Uniswap: debate over a16z's "heavy" vote in DEX governance, The futuristic forecasts regarding decentralized finance (DeFi), Neal Stephenson critical about future adoption of metaverse: it will be very difficult, Bored Ape's Yuga Labs announces TwelveFold, the first NFT project on Bitcoin, 2023 CMC Crypto Playbook: Blockchain Gaming What Lies Ahead by Naavik, Crypto news: Calvaria card game available on exchanges. Due to the assets used to fund Ripples platform, the SEC claims XRP is classifiable as a security. But what would happen to XRP price if the US court recognized the asset as a commodity and put an end to the ongoing lawsuit? Ripple-SEC: John Deaton and the categorization of XRP and ETH as commodities, In a roundup of tweets, CryptoLaw founder John Deaton released his views on the never-ending Ripple-SEC lawsuit, saying he thinks, Ripple-SEC: According to SEC Chairman Gary Gensler, Bitcoin is a commodity, The issue over crypto classification starts with the never-ending, , which saw the Securities and Exchange Commission accuse Ripple Labs and its executives of, During 2022, characterized by a crypto winter,, also seems to have issued his own opinions on c, due to both their performance and the data accumulated by the. For the famous and never-ending Ripple-SEC lawsuit, CryptoLaw founder John Deaton expressed his opinion on Twitter, saying that the SEC is wrong in wanting to categorize ETH and XRP as securities, and that they should be commodities instead. According to the SEC, Ripples platform, which allows retailers to transfer funds between vendors, made XRP a security. Would XRP be considered stock? The summons requested transaction activity for Coinbase users from 2013 through 2015 who were US persons. Maybe it shoots up in short term but how does it affect the Ripple's liquidity plan). In the other case, it will be security. All Rights Reserved. John E Deaton (213K Followers Beware Imposters) (@JohnEDeaton1) September 4, 2022, Im not saying the govt shouldnt go after bad actors. Everything there is to know, Crypto analysis: Cardano (ADA), Pi (PI) and Akira (AKR), Dash, Cronos and Solana crypto assets on the upswing, Crypto news and price analysis of The Graph and Litecoin, Stellar, CRO and FLOKI, performance that don't do justice to these crypto assets, 2023 CMC Crypto Playbook: Centralized vs. Ripple has long held that investors have no investment contract that offers anybody any rights.. Yes the worst case is if xrp is deemed a security and we dont get any share in ripple stock as well and xrp holders are left on their own. The SECs handling of the Ripple case has elicited strong public opposition. If you're looking for what happens if xrp is a commodity images information connected with to the what happens if xrp is a commodity topic, you have pay a visit to the right blog. "If the company is able to win the SEC lawsuit and trading resumes on major cryptocurrency exchanges like Coinbase, XRP is poised for significant adoption". Please note that attempting to make any ripple price predictions for 2030-2050 is a challenging task due to the many unknowns of the future. This website is free for you to use but we may receive commission from the companies we feature on this site. The XRP ledger, which was originally developed in 2011, is currently made up of XRP, which is the native asset. According to Coinbase, the SEC is currently collaborating with the company to bring XRP trading back to its platform. If you continue to use this site we will assume that you are happy with it. Legendary interview, listen to Ross, he knows exactly what will happen! Instead, XRP is a digital asset that is used to facilitate international payments and other financial transactions. Others are expectant that XRP price could break even further beyond that. The SEC document provides valuable insights into the process of tokenization and the definition of a security, but there is still no explanation as to how it reached its conclusion. Nope Also while writing this I just learnt that Xrp and their token arent the same thing, Xrp have pretty much banked their token with Ripple. Litecoin ranks among most popular cryptocurrencies for online shopping in 2022 - CoinGate report, Machine learning algorithm sets XRP price for March 31, 2023, Market cap of AI cryptocurrencies hits $4 billion following $1.6 billion of inflows in a month. We use cookies to make sure you can have the best experience on our site. Rather, they just purchased a thing (a commodity), not the share of . The status of XRP is still open to discussion, but the potential to pronounce it a commodity arrives after the Commodities Futures Trading Commission appointed the status to Ethereum (ETH). If for example the SEC did deem XRP a security in the USA, Ripple would pay fines then move to Japan. There are a lot of facts and circumstances that can be unique, but for Ripple, and what the SEC is trying to do, I do think its just the SEC trying to overreach the statute., It all started yesterday when a crypto enthusiast JayV on Twitter said a settlement that allows ripple to carry on with no changes opens up a new world of problems., What problems do you foresee from a ruling that says that a sale of a commodity with no post-sale obligations of the seller to the buyer is not an investment contract?, If the judge rules in a way that clearly articulates that ripples sales are not security transactions then its fair game.. but I dont see that coming from Gary.. also I believe that with that type of ruling, she must fully breakdown how #xrp constitutes a commodity.. Already the UK and Japan came out and officially labeling XRP a Currency. Ripple (XRP) will be the best cryptocurrency to replace SWIFT in the near future due to its network. Its also possible that XRP will never be officially listed as a security or commodity. According to the site, the XRP price will rise to around $3.25 by 2026, when it will have reached a new all-time high of around $2.28, and then again to around $3.35 in 2027. JackTheRippler (@RippleXrpie) January 14, 2020, Comex rule 589 and I trust the bear. The Securities and Exchange Commission has sued Ripple, and the cryptocurrency exchange Coinbase has delisted Xrp. Ethereums transition to PoS in September is a dangerous bet on decentralisation that could attract the eyes of regulators. Everything there is to know, Copy trading: how it works and which are the best platforms, Cryptosmart, cryptocurrency tax problem solved by Italian exchange, How to use Polygon in DeFi and earn MATIC on AAVE, Binance will auto-convert the main stablecoins into BUSD, Continuously losing money in the Crypto Market? EOS, Maker, Polymath, Stellar, Tezos, and other securities received higher scores from other Cryptocurrency Scores. It is the native currency of the Ripple network, which is a decentralized payments platform that is designed to be faster and cheaper than traditional banking systems. That is, they cannot be easily bought or sold on demand as no exchange exists for trading them. , (Video) Crypto Security 101: Phishing Scams, (Video) TOP Crypto Security TIPS!! No, #3 absolutely not is this how that works. Taxes are due when you sell, trade, or dispose of cryptocurrency in any way and recognize a gain. If Ripple is able to get XRP listed as a security or commodity, then it is likely that more banks will start using it for payments. But what would happen to XRP price if the US court recognized the asset as a commodity and put an end to the ongoing lawsuit? Ripple has been fighting the case that this digital asset is not in any form resembling a security, and should exist outside the scope of the Securities and Exchange Commission. If it was deemed a security, how would it be distributed besides issuance of stock? The SEC asserts that XRP is an investment contract and thus a security under the Howey Test, which is met when there's an investment of money in a common enterprise with a reasonable expectation of earning profit through the efforts of others. So far, Ripple has been successful in getting some major banks to use its platform. Could you be next big winner? There is no intrinsic link between the two besides Ripple using XRP. Ripple would also probably have to somehow financially compensate XRP USA holders too, due to that SEC ruling. Do you live in the USA? Brian Armstrong, CEO of Coinbase, stated that the irony was that those they were supposed to be protecting were the ones who were attacking them. In 2018, former SEC Director William Hinman said both Bitcoin and Ethereum are not securities. As a result, we are temporarily suspending trading on our XRP order books in all regions. The dollar may well be the most important security of all time, but the U.S. dollar index is far away from its all-time highs of above 150 back in the 1970s. https://t.co/40O5R0ndbe. There are many types of securities (debt securities, equity securities, derivatives, etc), only one of which is corporate stock. However, the SEC suit is alleging that XRP is a security based on the internal correspondence and marketing efforts of Ripple, Brad Garlinghouse, and Chris Larsen. Along with a strong bullish sentiment, it is likely that Ripple will breach past $1.00 again this year. The definition does not include the asset category in which it falls. Its impossible to know for sure when XRP will be officially listed as a security or commodity. 21012020 Some XRP proponents reckon XRPs price would climb to as high as 589 if XRP was . Play Now! , so the public hopes for returns from their investments. As of January 2022, 18.9 million bitcoins have already been mined, with about 2.1 million bitcoins still to be released. Now, the discussion on whether the asset is a commodity or not, is returning. The lawsuit has continued for three years, with both parties submitting final filings and waiting for a decision. - Somsubhra; 5 What will happen to the price of Ripple (XRP) if it is legally 6 SEC v. Ripple: CFTC Commissioner explains "Commodity or 7 Courts Will Decide If Ripple's XRP Is A Commodity; 8 XRP Isn't A Security, Declares Former CFTC Chairman - Forbes; 9 CFTC . The PayPal snub. Ha. In other words, XRP is not a security because it does not meet the definition of a security term, as does most other cryptocurrencies. 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Ripple Labs Inc. has denied the accusations, and the case is ongoing. Is the US dollar considered a security? Realistically, if XRP is considered to be a commodity by the US courts sometime in the near future, then it is likely that well see the price retest last years high of $0.50 before potentially breaking towards $1 if FOMO traders pile into the rally. Once the trading volume gets high, speculators . XRP is the cryptocurrency of choice for financial service applications because it is the most secure and efficient. The SEC is accusing the two Ripple Labs execs of selling over 14.6 billion XRP tokens as means to fund the company and get rich. The company is trying to defend itself from a class action lawsuit by early investors, who claim to have been offered XRP with promises of future gains. Following the SECs action against Ripple, the price of XRP on Coinbase has taken a significant hit. The plaintiffs claim they lost money and insist they should be compensated by Ripple, its subsidiary XRPII LLC, and Ripple CEO Brad Garlinghouse. You can, however, still move it to another exchange that does list it, or to a wallet that accepts XRP. Written by Andrew Button at The Motley Fool Canada. The live XRP price today is $0.433964 USD with a 24-hour trading volume of $1,717,730,328 USD. XRP, the native token of Ripple, did not mimic its early 2018 rally when it surpassed $3. XRP has fought for acceptance and is viewed as a wildcard in the world of crypto, possibly bouncing off its current lows. What happens if ETH is declared a security? The total Bitcoin supply is capped at 21 million. Ripple and XRP communities are some of the most active in the crypto space, although they are currently a shadow of their former glory due to Ripple Labs' current legal battle with the U.S. Securities and Exchange Commission (SEC), one of the worst opponents any crypto company could have. The XRP Ledger consumes 61,000 times less energy than a proof-of-work blockchain. It is not currently known when XRP will be listed on Coinbase. The XRP can still be deposited and withdrawn. Ripple has been fighting the case that this digital asset is not in any form resembling a security, and should exist outside the scope of the Securities and Exchange Commission. Answer (1 of 3): What does the future hold? Where do I stand? So What happens if XRP wins the SEC lawsuit, because in all fairness this certainly is a possibility, what happens next? Central banks can use a variety of secure, controlled, and flexible solutions to manage digital currencies. There is already Ripple shares on Linqto available for accredited investors. Who is the owner? I think its very clear there is no investment contract If you get past the investment contract, which I think is hard, across the Howey Test, you have to meet all three prongs, and in the case of the XRP case, you cant meet all three prongs for sure. Even if XRP is a security in the US, Ripple will thrive. But if XRP is declared a commodity, you know where . This means that the laws for securities apply to cryptocurrencies. XRP, Ripples native utility token, has been stuck under $0.25 for a number of months now, as traders wait for bullish news to arrive. If it is, then Ripple Labs will be held liable for selling securities without registration. Nonetheless, if it succeeds in defending the suit, it will gain investors trust and boost XRP demand. As John Deaton explained, it was up in the air whether XRP would be deemed a security. The famous Ripple v/s SEC lawsuit started in late 2020 with a complaint from SEC (Securities and Exchange Commission), that Ripple has conducted illegal security offering from one of the XRP digital assets. Conflicting Signals: The Big Difference Between Bitcoin And Crypto Charts, Wrapped Bitcoin Supply Declines To Negative, Heres Why, Ripple Is In Dialogue With Over 20 Central Banks On CBDCs, Exec Reveals, VISA & Mastercard Rethink Crypto Plans Following Market Fallout, Cardano-Based SingularityNET (AGIX) Soars After Elon Musk Related AI Rumor, Ripple Calls For Recusal Of Gensler From Crypto Cases, Heres Why. But one of the problems is the status of the actual asset. The Bitcoin News Blockchain and Bitcoin News. But for now, the decision on the lawsuit may lead to a much smaller rally, with $1 still a target. A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. 41. Interesting. ETH like XRP is alphanumeric code. This could, in turn, set a legal precedent that results in similar cryptos being classified as securities as well. Does this mean XRP has won its case?-----. For Ripples flagship service, RippleNet, XRP is used as on-demand liquidity. So $ 250 (candle shadow) is my best educated guess, just the time horizon is difficult/impossible to predict. The outcome of the lawsuit, as well as its effects on Ripple and XRP, will have a significant impact on the future. In this line, Finbold asked industry professionals about whether Ripple could win the lawsuit against the SEC, and what it would mean for the price of XRP if it was successful. 3. Has anyone brought any hope to ripple? ICOcreed. WARNING: The content on this site should not be considered investment advice. The coin has also recovered in the past week to above $0.22. Lets see how it plays out. 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