Argument Ensues Over the Relisting of XRP Following Friday’s Hearing

Argument Ensues Over the Relisting of XRP Following Friday’s Hearing

The hashtag #relistXRP continues to trend on Twitter and other social media platforms and is currently driving XRP prices higher. At press time, XRP is trading up by 15%, around $0.6000.

Following last week’s discovery hearing in the case between the Securities and Exchange Commission (SEC) and Ripple Labs, which produced two “surprise sensations” in favor of Ripple, XRP enthusiasts are hopeful that the cryptocurrency could get relisted on exchanges that cater to American traders.

An attorney for the SEC stated at the hearing that “only Ripple and affiliates of Ripple” could technically be involved in the alleged sale of illegal XRP. The attorney, Jeremy Hogan, noted that exchanges that delisted XRP in January were not in violation of any securities laws and would not be violating the law if they offered XRP sale once again. Hogan surmised that the SEC might have received several requests for clarification on the issue from several exchanges.

That said, the SEC is yet to make any official comment on the issue. However, that did not stop the #relistXRP from trending globally.

“Ripple Doesn’t Control Coinbase”
Jeremy Hogan repeated his “only Ripple and affiliates of Ripple” via a tweet earlier today, clarifying that the term affiliate is defined in Rule 405 of the Securities Act of 1933. According to this rule, an affiliate is a “person (or entity) that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with.”

Hogan also tweeted at Coinbase, asking the exchange if Ripple controls it. However, he got interjected immediately by a popular attorney in the XRP community, Jesse Hynes, who argued that “an exchange is a dealer, and thus not exempt from Section 5”. Hogan responded to this interjection by saying that:

“Even IF they are considered a broker-dealer, the SEC already put on the record in response to Deaton’s notion that there has been no legal determination of XRP’s “status.” So, the exchanges behinds are covered either way now. PS. Hi Jesse! Have a great week!”

Nonetheless, Hynes argued again with Hogan’s response, noting that the SEC’s lawsuit has ticked exchanges off to the possibility that they may be dealing with unregistered security.

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.