Peter Brandt, who knows every step of Bitcoin, made a very talkative statement about Ripple (XRP). According to Peter Brandt, if the SEC understood cryptocurrencies, it would have declared XRP as a security.
Peter Brandt urges the SEC to declare XRP as security!
Peter Brandt, who is experienced in commodity trading, discussed the fourth largest cryptocurrency XRP in his recent statements. XRP, a cryptocurrency linked to fintech company Ripple, is actually a security, according to Peter Brandt. According to Peter Brandt, the only reason XRP has not yet been declared “securities” by the Securities and Exchange Commission (SE
C) is the agency’s failure to understand the cryptocurrency industry.
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The securities status of XRP remains uncertain. Convincing the SEC not to classify XRP as a security has been a tough battle for Ripple. The San Francisco-based company is facing a long-running lawsuit claiming XRP is an unregistered security. Bradley Sostack’s allegations, the lead plaintiff, were dismissed with bias, but the case will continue.
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Former CFTC chief Christopher Giancarlo announced that Bitcoin and Ethereum were not securities in June. However, Ripple’s securities situation remains uncertain. According to Ripple, the coin functions in the XRP Ledger and is independent of Ripple. According to Ripple, owning XRP does not give investors any shares in the private company. Moreover, Ripple CEO Brad Garlinghouse emphasizes in numerous interviews that XRP is a cryptocurrency that makes real cross-border payments more efficient.