A few days ago, Global Coin Report highlighted the case for Ripple (XRP) being classified as NOT being a security with the recent decision on Ethereum (ETH) by the SEC regarding the same. This means that it might be a matter of time before the SEC declare XRP as not being within its regulatory reach. In the statement, William Hinman, Director of the SEC’s Division of Corporate Finance, said that:
“When we think about how ether today is operating, at least, we see a highly decentralized network, not the type of centralized actor that characterizes securities offerings. In its current state, we don’t see value regulating it.”
This statement by an SEC official is the first reason why the Feds are giving you a reason to be bullish about XRP. XRP is purely decentralized and a separate entity from the parent company of Ripple.
That said, it is only a matter of time before a current lawsuit filed against the Ripple company disintegrates. This lawsuit was filled by a disgruntled trader who lost 30% of his investment value due to the market decline we have been experiencing. The plaintiff claims that XRP is an unregistered security and wants the parent company to pay for attorney fees, the cost of the suit and punitive damages.
Furthering a second case where the Feds are giving you a reason to be bullish about XRP, is that one of Ripple’s top executives, Ryan Zagone, has been elected to the Federal Reserve’s Faster Payments Task Force Steering Committee. Zagone joins a 16 member committee that represents the working group’s numerous stakeholders. The current number of participants in the task-force number 321. The steering committee representing them and offers guidance on how to go about figuring out how to realize the vision of a US payment system that it is faster, ubiquitous, broadly inclusive, safe, highly secure, and efficient by 2020.
Zagone will be able to lend his expertise in issues relating to Ripple working with financial institutions, regulators and central banks. Zagone is currently Ripple’s Head of Research on the Business Development team. He has vowed to leverage Ripple’s global experience as the task force assesses ways to increase the speed, efficiency, access to and competition in payments in the US.
His election to the Steering committee only means that Ripple has proven once again itself to the Federal Reserve authorities and those in the task-force in terms of being the future of international payments and remittance services. Perhaps it is only a matter of time before the Federal Reserve joins RippleNet and starts using other Ripple products.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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