Great Ripple Debate to Gain Momemntum

Some believe that the decision of the US Financial Crimes Network, issued in 2015, allows classifying XRP as a tool that can not be controlled by the SEC
18 June 2018   1254

Last week, a representative of the Securities and Exchange Commission (SEC) acknowledged that bitcoin and Ethereum could not be recognized as securities because of their decentralization and would not be governed by relevant laws. However, the question of whether the XRP is a security remains open. This is reported by Bitcoinist.

Some believe that the decision of the US Financial Crimes Network (FinCEN), issued in 2015, allows classifying XRP as a tool that can not be controlled by the SEC.

@codetsunami Twitter
@codetsunami Twitter

During the trial in 2015, FinCEN accused Ripple Labs of violating the banking secrecy law, stating that the startup acted as a financial services company without registration with FinCEN. In addition, Ripple at that time did not use the proper practices to prevent money laundering.

Subsequently, the conflict was resolved, the criminal prosecution was terminated, and Ripple was fined $ 450,000. More importantly, the sale of XRP was allowed. Ripple Labs also made the necessary changes to its own protocol to ensure transparency of transactions. Prosecutor Melinda Haag, commenting on this case, said that she hopes that Ripple will set a standard for future investment proposals in the field of digital currencies.

FinCEN already signed an agreement with Ripple Inc. allowing them to continue their XRP sales. If XRP is an unlicensed security then FinCEN now has to explain why they signed an agreement allowing the sale of said unlicensed securities. Never going to happen. XRP isn't a security. These are the agreed facts of the settlement where FinCEN agrees with prejudice that XRP is a currency and therefore not a security. This debate is over.

Richard Holland at Twitter

Not everyone agrees that FinCEN's decision will prevent the SEC from recognizing XRP as a security, but the existence of a precedent is undoubtedly an important factor in regulation.

Coincheck OTC to List ETH & XRP

OTC-platform from Coincheck aimed at large investors, started working about two weeks ago and minimum transaction threshold is 50 BTC
15 April 2019   303

Coincheck has added support for Ethereum (ETH) and Ripple's XRP token to the recently launched over-the-counter (OTC) platform. This is reported by Cointelegraph.

In addition to ETH and XRP, the Coincheck OTC platform supports Bitcoin. The management of the marketplace plans to add other cryptoactives in the future.

OTC platforms are focused mainly on large traders who want to reduce transaction costs when working with large amounts. In particular, transactions on such platforms are carried out outside the main book of exchange orders, which sometimes allows to avoid excessive price fluctuations. In addition, at such sites, investors often have the opportunity to buy or sell an asset at a better price.

OTC-platform from Coincheck started working about two weeks ago. The minimum transaction threshold is 50 BTC.

Last year, Coincheck fell victim to a massive hacker attack, during which over $ 500 million in XEM equivalent was stolen.

Then the exchange was bought by a large online broker Monex Group Inc. The deal amounted to $ 33.6 million.