Let's hear out the facts... Just the facts please... In this day and age with hyper partisan politics, a voracious cancel culture and nearly everything else one could through at a situation, at first blush it appears: Victory... Why Ripple Can & Believe They Will Win With XRP
Age of Aquarius & The Breakdown of Systems
In a brief look back at 2020 we can see the end of the Kali Yuga or an era of darkness and now we have passed the great conjunction to move into a rebirthing time and the Age of Aquarius.
You may have read the headline and this the previous sentence only to think, "what have I stumbled into here?". Don't fret, it's not as esoteric as you think.
Also in December of last year, the SEC filed against Ripple Labs regarding the status of XRP, which gave the XRP a jolt. There has been ups and downs for sure since then, but for the most part everyone is still in the holding period until the whole situation is decided one way or another.
What has been interesting about the whole situation so far is that there seem to be far more questions than answers especially by what the SEC has put forward. The timing of the filing was also suspect.
Let's look at some different perspectives.
Legal Briefs Channel
In a recent video from the legal briefs channel a brief synopsis gives a thorough overview of what is being read and interpreted by the lawyer in the video. Obviously has he points out, if you want legal advice you need to enter a attorney client relationship but for him.
He does this solely for the benefit of comments and discussion around the video.
In 9 minutes he covers the salient points of the Ripple response.
In short here are the big topic areas covered in the video regarding Ripple's response.
Since XRP is a virtual currency the SEC has no jurisdiction.
No contracts have ever been entered by Ripple an investment with any holders of XRP.
Ripple never held an ICO, or offered future tokens to raise money & does not have a relationship with the most XRP holders.
A holder of XRP does not receive a portion of Ripple’s revenue or profits.
Ripple’s XRP sales amounted to far less than 1% of the massive XRP market that has grown over the last 8 years.
The XRP Ledger, on which XRP actually moves, is completely decentralized. The SEC ignores the economic reality of an XRP transaction.
Ripple’s XRP holdings do not create an investment contract any more than DeBeers holdings convert diamonds into securities.
Number seven is really interesting. It would be like saying that the diamond which is on the ring of your spouse represents a contract with you and the diamond mine where it was extracted from. Ridiculous right?
So What Will Happen
As with all things in the courts there is never a sure and absolute outcome. Just remember this statement from times past:
If the glove fits...
From the initial filing we see that Ripple answers all of the questions that most have and present them in a way which could make for a swift outcome. More importantly there are 2 major points that will come out.
First is that Ripple basically put the onus on the SEC for providing the analysis and documents forward to the court which describe why ETH is not a security.
Second is that Ripple asks the court to definitively decide finally the status behind XRP as a security or not.
The second point could have far reaching implications across the greater crypto community. Are you ready for BTC, ETH and all of the other top 10 or top 100 projects to be identified as a security? That is potentially what is at stake here.
While the race is far from done it sure seems that Ripple has their best pony and jockey combination out in front leading the pack at the start. Stay tuned.
