The Cryptocurrency Market Is Going Down For Everyone.. For This Reason

Cryptocurrency

At a time when the famous coin is struggling to resolve its crisis, which is in its second year with the federal regulators in the United States, it seems that the traders of that coin is on a date with positive news.

The summary of the news is that Ripple may be recognized as a currency as desired by the founders, and in the worst case, the recent documents that were disclosed revealed that the founders of Ripple did not intend to mislead the dealers.

Does everyone seek war? Urgent: Intense bombing and new nuclear threat

old documents
Over the past months, the main exit of Ripple officials in their case with the US Stock Exchange was that Ripple was a currency similar to Bitcoin and Ethereum… while the US Exchange Commission was seeking to classify Ripple as a security and not a currency.

US federal regulators have used two legal notes that Ripple Labs received 10 years ago regarding XRP Ripple in their struggle with the company over whether the digital asset can be considered a security to be registered.

The lawsuit documents that were made public showed that a legal memo issued in February 2012 included Perkins Coe’s attorney advising Ripple not to sell the proposed coins, as it could potentially bypass multiple securities and commodity regulators’ rules.

A second memorandum from the same company, issued in October 2012, also revealed that Ripple might not be considered a security under federal law, but cautioned that the Securities and Exchange Commission could look at the matter differently.

Since World War II Urgent: “Europe’s biggest war has already begun”

optimistic view
Stu Alderotti, Ripple’s general counsel, said the company is happy to make the 2012 memos now public.

Ripple’s general counsel added: “The documents show a compelling legal analysis that Ripple received in 2012 that Ripple is not a security.

“The fact that (Ripple) requested such legal advice in 2012 should be applauded,” Alderotti said. “The fact that it took the Securities and Exchange Commission 8 years to indicate its disapproval of this analysis while Ripple is trading in a huge global market.”

Everyone is falling under the weight of war.. the worst is yet to come Urgent: a violent fall

more details
According to Eleanor Terrett and James K. Phelan, a former federal prosecutor who is closely following the case, two memos dating back to 2012 may shed new light on the case, documents revealing that Ripple performed a forensic analysis on the XRP token at the time.

The analysis was conducted by Perkins Coie, a US-based international law firm that specializes in commercial litigation, regulatory legal advice and intellectual property with clients such as Google, Amazon and Facebook.

At the time, Ripple founders Chris Larsen and Jed McCaleb were working on developing the decentralized network that would be known as the Ripple Network and its underlying token, called Ripple Credits in its first phase. The first report claimed that XRP was to be classified as insurance, Phelan said.

This is why the company changed its business plan and asked Perkins Coie to conduct a second analysis delivered in October 2012, the second document being bullish and concluding that the token “should not be considered a security,” but noted the potential risks.

Urgent: Urgent: A currency that has risen 150,000,000%.. will go crazy

Good intention
James Phelan believes the warrants show the company’s intent to comply, and it was assessing any potential risks 5 years before the digital assets became relevant to the US regulator.

The legal expert added: “It seems to me that Ripple has been very proactive, which is very important.. There is certainly nothing in these notes to suggest that Ripple has been reckless or ignore any significant risks, in fact, the notes indicate the opposite that Ripple has been careful.”

According to Ripple’s general counsel, Stuart Alderotti, the documents conclude that Ripple is not an investment contract.

Therefore, the documents could weaken the case that the commission has been trying to build for more than a year.. The fact that Ripple had the foresight to seek legal advice from a prominent firm in the absence of clear judicial law and 5 years before the SEC began to speak should be commended. about digital assets.

The opportunity is not lost yet Urgent: a massive non-stop rise

The beginning of the case
The Securities and Exchange Commission filed a lawsuit against Ripple, accusing the company, co-founder Christian Larsen and CEO Bradley Garlinghouse, of selling virtual tokens without registering them.

Allegano added in its lawsuit that the founders sought to benefit from this, and achieve personal gains amounting to about 600 million dollars, ignoring the legal advice they received, according to which the cryptocurrency can be considered an investment contract, and therefore may be a security.

Some analysts see the case as important in determining the authority of the Securities and Exchange Commission to regulate crypto assets in particular, Eliot Stein, chief litigation analyst at Bloomberg Intelligence, said in a recent note.

Stein added, “We believe the agency will win, which could affect the verdict on dozens of other cryptocurrencies.

A stinging attack and a bleak vision of the future Urgent: violent collapse

Ripple now
And during those moments of trading today, Sunday, the 100 largest digital currencies by market value are falling, led by Bitcoin, which fell near the levels of 38 thousand dollars.

On the other hand, Ripple rises within 1%, reaching levels near $0.8, while, although it is declining within 4% during the week, this decline is the lowest among the major digital currencies.

The market capitalization of Ripple XRP during those moments is about $38 billion and it is the saddest cryptocurrency in terms of market capitalization.

A sudden turn after record highs urgent: a large decline due to the war

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Bahama

Bahama

Looking for the best articles to read? Browse this list of interesting articles and essays on topics like crypto, happiness, productivity and more