SEC Advocate: Crypto Exchanges Can Safely List XRP
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Answer SEC Advocate: Crypto Exchanges Can Safely List XRP
US Securities and Exchange Commission (SEC) lawyers indirectly stated that cryptocurrency exchanges are not violating any guidelines by allowing XRP to be traded on their platforms, attorney Jeremy Hogan revealed yesterday.
During a court hearing attended by “Hogan”, Justice of the Peace Sarah Nitburn made a note to the US Securities and Exchange Commission attorney that, based on the lawsuit, whoever sold XRP is selling illegal securities.
The lawyers of the authority responded in the negative and that this is not the case.
quotes Hogan quoted Securities and Exchange Commission (SEC) lawyers as saying the following:
no.
Under Section 4, only Ripple and its affiliates can illegally sell XRP.
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This means that the cryptocurrency exchanges that canceled XRP trading two months ago were not violating the securities laws, even if they resold XRP and started trading it again.
As we reported on Bitcoin Arab earlier, last December the Securities and Exchange Commission filed a lawsuit against Ripple, the company behind XRP and its executives Brad Garlinghouse and Chris Larsen.
In the lawsuit brought by the authority, the regulator claimed that the digital currency XRP can be considered an unregistered security, making its sales illegal.
Thus, the Securities and Exchange Commission (SEC) claimed that since 2013, Ripple and its executives have earned more than $600 million through the sale of XRP.
After the news, the price of XRP fell while several cryptocurrency exchanges, including Coinbase and others, suspended or delisted XRP trading altogether.
In addition, digital asset investment giant Grayscale has dissolved the XRP fund to avoid legal issues.
However, these companies may have acted impulsively, according to attorney Hogan, who commented:
I wonder if we will ever see XRP for sale in the US again.
I hope that.
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