Bitboy Crypto Calls Out Exchanges to Relist XRP Following LBRY Precedent
Following the Securities and Exchange Commission’s complaint against Ripple Labs, the XRP token’s developer, several cryptocurrency exchanges have removed trading of the token this week. Trading of the XRP coin has been halted, according to exchanges and financial websites such as Crypto.com, Coinbase and OKCoin.
The case has undergone a number of developments since then, and the SEC has struggled to effectively defend its conduct. Many believe that Ripple will soon win the legal battle. The community is questioning whether Coinbase’s decision to remove XRP in 2020 was motivated by a desire to defend its users from “government abuse.”
In addition, Bitboy crypto added its two cents. Let’s explore.
Ben Armstrong takes a dig at crypto exchanges
Ben Armstrong, the creator of BitBoy crypto, has tweeted about various cryptocurrency exchanges removing XRP from their platforms. He has stated that if exchanges were brave enough, they would embrace XRP. Furthermore, he has stated that it does not need to be bold to say that after the $LBRY case there is now a formal legal precedent that the secondary market does not consist of securities. Only the first transaction can.
LBRY has asked Coinbase to relist XRP. Yesterday, the blockchain team that hosts digital content requested this via a tweet. According to LBRY, XRP sold in secondary markets does not qualify as a security by applying the criteria in the US Securities and Exchange Commission’s action against LBRY. It should come as no surprise that the tweet generated a rush of similar requests among the XRP community.
John E Deaton speaks out
Deaton has discussed his encounter with the SEC in a series of tweets, explaining that the SEC was forced to acknowledge that XRP is a piece of software. He went on to say that XRP can be offered and sold as a security, just like gold, bitcoin and other commodities. What XRP is now is unrelated to whether the creators of Ripple ever violated any securities laws.
SEC Garner’s Flack
With Kraken, the Securities and Exchange Commission has reached a $30 million settlement that would force the company to end a program that offered investment returns to US users who pledged their digital assets to the company.
Paxos Trust Co., a cryptocurrency company, has been informed by the Securities and Exchange Commission that it will be sued for violating investor protection rules.
Furthermore, it has been noticed that Gary Gensler, Chairman of the SEC is motivated to bring all crypto under his control and has led to a series of enforcement actions.
