Yesterday, documents tied to former SEC director William Hinman, were released to the public, briefly sending the price of the XRP token up as optimism spread that Ripple would win their case with the SEC. davidzmorris explains what you need to know:
Ripple’s Chief Legal Officer Stuart Alderoty argued after the release that the emailsthat his speech was not grounded in law and created confusion about securities designations. At the very least, Alderoy seems to be suggesting Ripple has been treated unfairly by regulators.
Early analysis of the emails does not seem to have found a major win for Ripple Labs, however. After a short rally on the morning of the emails’ release, XRP retraced its price and headed even lower, which may reflect some disappointment on this front. Ahead of the documents’ release, Ripple and XRP supporters had been focused on statements by Hinman suggesting that a token isn’t a security if it is “sufficiently decentralized.” That metric seems to have been used to justify a public carveout for Ethereum, but, at least according to feedback given to Hinman by other SEC staff and officials, was not grounded in existing securities regulation.
Critics have long argued, however, that the underlying claim that Ethereum and XRP are comparably decentralized is itself highly debatable. Most significantly, there has now been close to a decade of debate and litigation over whether Ripple itself should be considered the creator of the XRP ledger and issuer of the XRP token – and therefore the issuer and seller of an unregistered security.
Ripple Labs allies generally characterize the company as separate from XRP. In particular, they have argued that the XRP blockchain was created by Jed McCaleb and Chris Larsen,
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