Related Reading: Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA
XRP is obviously a security It would have cost little for the Ripple team to have registered it as a security and played by the rules —- like everyone else in the industry does all day long — @jason (@Jason)
XRP Not A Security, CEO Defends
The heated legal battle between Ripple and the US Securities Exchange Commission (SEC) began when the US regulator accused the company of selling XRP in an unregistered security offering. While the company has made countless efforts over the years to debunk this claim, CEO Brad Garlinghouse mentioned at the Dubai Fintech Summit that Ripple will have spent $200 million fighting the SEC lawsuit.
On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, “XRP is obviously a security,” and it would have cost little for the team at Ripple to have registered it as a security and played by the rules just like everyone else in the industry does all day long.
The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.
The Ripple boss to Calcani’s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.
remind me when you learned securities law?! This is embarrassing for you (and hilariously wrong as there is no framework to register digital assets in the US), but we're all used to you making controversial statements and trolling about things you know nothing about… — Brad Garlinghouse (@bgarlinghouse)Pro-XRP lawyer John Deaton also chipped in comments in defense of the cryptocurrency by saying that claiming Ripple sold XRP as a security is quite different from being a security itself.
Deaton to Calcanis, saying, “XRP is a line of code inside software. How do you register? ‘to have registered it as a security and played by the rules like everyone else.’ Where did ETH, ADA, ALGO, XLM, etc. register?” Deaton countered.
Ripple Remains Undeterred
Ripple continues to persevere amid crypto regulatory uncertainties in the US and speculations about when a ruling will finally come in their legal battle with the US Securities and Exchange Commission. As stated earlier, Garlinghouse mentioned the large sum of $200 million spent defending the company against the SEC lawsuit, which shows their commitment to emerging victorious.Related Reading: XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?
Also, a major highlight from the Dubai Fintech Summit was an announcement by Ripple’s CEO Brad Garlinghouse on the company’s expansion in Dubai, as the country offers reasonable crypto regulations and operational guidelines. At press time, XRP price experiences a decline observed across the global cryptocurrency markets.XRP prints a 5th bearish candle on the daily timeframe | Source:
