If you are anything like me, you are more than ready for the SEC vs Ripple lawsuit to end. Last week, the security issue again reared its ugly head during a conversation about crypto on the hill. At this point, one has to wonder why people like SEC keep trying to push the security label onto XRP and other tokens!
Could it be the fact that most securities are often found in companies like brokerages and banks? What would the people behind the big banks and brokerage companies stand to gain if something like XRP floated over into their domain? Who are the people that normally gain from this sort of financial movement? Rich people!!!
Before we move on, I must say, I do not think XRP is a security. The SEC doesn’t have any solid laws on the books regarding crypto. It is going to be extremely hard to punish a company for a new tech that doesn’t have any guidance. This is why the SEC shouldn’t be overseeing anything regarding crypto. It still isn’t clear if the SEC didn’t perform some sort of inside trading regarding ETH with their questionable dealings with the Hinman emails.
One of the continued losers of this case is the SEC because of the arguments they keep bringing to the table! They are working really hard to hide the contents of the emails. They have corruption within their ranks, which has led to investors being hurt and XRP being crippled. One could say, the SEC has played King Slayer in the crypto world. As the case against Ripple continues into yet another year, Judge Netburn seems to be tiring with the conduct presented by the SEC. Perhaps one of the biggest revelations is the revelation of emails, which showcase behavior that could be seen as problematic.
The Hinman emails are the reason regulation needs to be in place. At this point, we know Hinman had connections to ETH. We know that he was warned about his relationship with a firm that had dealings with ETH. Top agencies should not be watchdogs on rivals in any financial market due to the potential for abuse of power.
Abuse of power cheapens innovation and promotes unfairness in the market. Perhaps, the question is, what does it take for the SEC to get hit with an ethics violation? Look at this clip and make your own mind up.
As always, I am not a financial advisor! DO YOUR RESEARCH!