The legal tussle between Ripple and the U.S SEC seems to be reluctant from arriving at any conclusion. The matter still remains a thesis to ponder on, owing to the perplexity of the case. With innumerous claims and discrete views in the industry. Transparency remains vague from the masses.
Popular lawyer and crypto enthusiast has made a compilation of facts, which are not in dispute. The founder of the law firm Crypto Law has also incorporated the series of events with respect to the timeline. The facts are creating serious suspicion amongst XRP enthusiasts in the crypto industry, which are as follows:
It all started in 2017 with Jay Clayton agreeing to rescue himself from voting on any matter in relation to his law firm’s (Sullivan and Cromwell) clients on the 23rd of March. Close to seven months later on the 30th of November, Lubin, and Consensys announce The Brooklyn Project. A project from the co-founder of Etereum Joseph Lubin.
December 13th marks the event when Hinman met with Lubin and Consensys, and lawyers from Clayton’s law firm. Later the other day, Matt Corva of Consensys along with the lawyers from Sullivan and Cromwell. Together announce that they are building an alliance with the SEC.
Ripple A Currency In The Banking Space
Following Clayton’s instruction to Andreesen and Horowitz, to write up a memo on the 25th of January. Garlinghouse mentions publicly, Ripple using XRP to replace SWIFT on March 12th. On March 26th, Perkins Coie a member of EEA sends the memo to Hinman. Along with the Safe Harbor proposal, the only crypto asset in the safe harbor is Ether.
Later in March, Ether investors are said to have a confidential meeting with Hinman. Asking for a regulatory free pass from the SEC. Further in June, Consensys meet the SEC again, and Lubin mentioning the need for SEC to scare certain projects away. A few days later, a memo analyzing whether XRP is a security is passed among the SEC staff.
In mid-august, some sources suggest that Lubin believes SEC’s regulations regarding crypto to be satisfactory. And later around mid-September, Lubin warns of a reckoning coming from the SEC for certain projects. Towards the end of September, Gary Gensler describes XRP as a currency in the banking sector.
SEC Aware Of Ripple’s Move!
In 2019, Coinbase meets with SEC and iterates that they have run XRP through their securities framework. With an intention to not run afoul of the laws. In mid-June, Ripple buys a 9% stake in MoneyGram with the full knowledge of SEC. That it will transfer XRP for cross-border payments, and that MoneyGram would likely sell the coins in secondary markets to XRP holders with no connection to Ripple.
Towards the end of August 2020, Consensys acquires Quorum. Lubin mentions that Quorum’s acquisitions offering is an “interbank international network” that is similar to what SWIFT does. And adds that Consensys supports J.P Morgan’s own stable coin, the JPM coin. Which is a direct competitor to Ripple and XRP.
Early October, Lubin admits that he has a “regulatory advantage and claims that Bitcoin and Ethereum arrived before regulators were paying attention” and “were fortunate enough to frame their token as a utility token”. He mentions that all altcoins are spectacularly disadvantaged when compared to ETH.
On 22nd December, Clayton votes the case against Ripple, claiming that all XRP sales in the last 7.5 years constitute investment contracts with Ripple including all secondary market sales with no connection to Ripple. Clayton has now joined Fireblocks as an advisory board member.
Collectively, the compilation of facts from John E Deaton is not in dispute. The facts have created a buzz among netizens, who are closely monitoring XRP and its legal tussle against SEC. And the facts have unfolded a significant number of confusions. Hopefully, the case gets resolved at the earliest.
Original Source :coinpedia.org
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