By Ross Macdonald
Questions, perceptions and opinions have made their way around the world on the most feather-ruffling court case in all of cryptocurrency.
In comments via Twitter on January 7th 2021, Brad Garlinghouse shared some statements in a cornucopia of thoughts to appease all following the case so closely followed by our community and also superfans, who they call: “The XRP Army.”
The best part of the questions include the responses or comments from the public. Follow the thread here:
Very well said comments from Mr. Garlinghouse which will appeal to the fans of Ripple and XRP. Everyone seems to understand now what is happening and why it is happening. For the SEC, they are really here to set an example of Ripple Labs, but this is unlikely. They may be able to get some fines or put some pressure on Brad and upper managements of Ripple, but then it will be over.
The reason this makes up such big news is because one of the top market cap cryptocurrencies is being sued along with it’s parent company Ripple and the founders of the organization. It’s news worthy, but similar behaviour that is seen from the SEC time and time again. They wait till a company has large enough revenue and resources to make it worth while fining a company. Don’t forget, the SEC need revenue as well.
The SEC is designed to protect consumers from financial circumstances which are not lawful and cause losses for the public. I guess they didn’t think about how launching a lawsuit in this way would rip a gaping hole in the digital wallets of all XRP holders causing the price to crash down more than 50 % in 28 hours. Some price recovery has been made, but there will be more fallout when digital exchanges delist and halt trading with XRP this month.
The pre-trial court case for SEC vs Ripple Labs will be on February 22nd 2021. In the mean-time we hope all traders, holders or panic sellers of XRP can take a deep breath and simply wait to see what happens. Some traders will do extremely well with this volatility, while others will be recovering for a long time.
David Schwartz – CTO of Ripple
Brad Garlinghouse – CEO of Ripple