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I just read the Ripple complaint 3x.
XRP holders are completely f*cked. I'd expect sub $0.10 by mid-Jan.
I think the company will get away with the "securities" element and it will be a battle, but:
+ ODL is dead
+ liquidity partners dead
+ distribution schemes dead
— Ryan Bitcorn Selkis (@twobitidiot) December 23, 2020
Ripple Comments on Legal Proceedings
Ripple has commented on these legal proceedings, saying that there are facts wrong about XRP. Said the company’s lawyers:
“The SEC is completely wrong on the facts and law and we are confident we will ultimately prevail before a neutral fact-finder. XRP, the third largest virtual currency with billions of dollars in trading every day, is a currency like the SEC has deemed Bitcoin and Ether, and is not an investment contract. This case bears no resemblance to the initial coin offering cases the SEC has previously brought and stretches the Howey standard beyond recognition.”
Bard Garlinghouse, CEO of Ripple, also asserted in an extensive blog statement that XRP “do not share in the profits of Ripple or receive dividends, nor do they have voting rights or other corporate rights.”
He added that unlike securities XRP’s value “has not been correlated with Ripple’s activities.”