Before the trial date between Ripple and the SEC … The “Flare Network” project announces its support for Ripple
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Answer Before the trial date between Ripple and the SEC … The “Flare Network” project announces its support for Ripple
Much ink has been spilled in the case between the SEC and Ripple.
The US Securities and Exchange Commission (SEC) had previously filed a lawsuit against Ripple in December 2020, accusing it of selling unregistered securities and that Ripple is not a cryptocurrency.
To determine the date of February 22, the date for the start of the trial between Ripple and the “SEC” body to consider the case by the judiciary.
Yesterday, Flare Network announced its support for Ripple and its digital currency, XRP.
As a reminder, the “Flare Network” has previously conducted a free “airdrop” distribution of Spark (FLR) cryptocurrencies that have not yet been launched to Ripple holders.
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The company “Flare Network” considers Ripple to be a cryptocurrency, and benefits In this regard, the following statement:
We are not associated with Ripple.
We wanted to speak to the lawyers to inform the Securities and Exchange Commission that Ripple has been damaged, and that we see XRP as a cryptocurrency.
Ripple did not push or motivate us to enter this space and make this statement.
We believe 100 percent XRP is a currency!
We are not associated with Ripple. We wanted to speak to their attorneys to inform them that the Securities and Exchange Commission has been hit and that XRP is a currency. Ripple did not pay or motivate us to enter this building space. We believe that XRP is a currency.!
– Flare Fusion (@fusion_FLR) February 2, 2021
As the “Flare Network” project is based on the Ripple blockchain and is a split from it.
This clarification and statement is assumed to be an association with Ripple and XRP, given the fact that the “Flare Network” earlier conducted a free distribution of the FLR cryptocurrency using XRP balances in exchanges as a standard for distribution.
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Accordingly, if the “SEC” authority tilts and “XRP” is considered a security and not an encrypted digital currency, the matter may be similar and in the same way to the digital currency “FLR”.
Volatile support for XRP:
Opinions of the crypto community differ between those who believe that XRP is a cryptocurrency that deserves a place among adults and those who see that it is only media inflated.
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It is worth noting that many believers in the currency have already prepared a petition of signatures to submit to the White House for government intervention and fairness to Ripple holders.
On the other hand, in the recent pumping and unloading scheme for the currency, many crypto pioneers shake their confidence in the currency.
Currently, XRP is living in a state of legal uncertainty and its status is still brewing until the date of February 22, which will reveal some details that could shape the direction of the case.
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