I tried to talk about this in the FJ Discord but there was a lack of responses. I might as well bring it here and see what you guys think and gather opinions.
I know the research is lacking but I'll update the thread as soon as I get all the facts straight, like 'who exactly went to the SEC and represented Ethereum and Ripple'. I heard Andersen Horowitz was there (that true?). If he was, then more questions... Which crypto (let's call both crypto for simplicity's sake, I know the issue about XRP) was he representing? ETH or XRP?
Anyway read below. What do you guys think?
I know the research is lacking but I'll update the thread as soon as I get all the facts straight, like 'who exactly went to the SEC and represented Ethereum and Ripple'. I heard Andersen Horowitz was there (that true?). If he was, then more questions... Which crypto (let's call both crypto for simplicity's sake, I know the issue about XRP) was he representing? ETH or XRP?
Anyway read below. What do you guys think?
Quote
So the SEC just hired another advisor for crypto... And Ripple hired a former SEC director to make a case that XRP isn't a security. I think something's up. This could be regulatory capture at its best with those people (maybe) talking behind the scenes.
I think Ethereum could be part of it too. Remember the news about a closed door SEC hearing on Ethereum and Ripple last month? ETH and Ripple reps could be shilling their warez to the regulators... Again regulatory capture if the SEC starts favoring some ICO's (and other privately funded projects) over the rest. That means bad news for ADA, EOS, etc...
I think Ethereum could be part of it too. Remember the news about a closed door SEC hearing on Ethereum and Ripple last month? ETH and Ripple reps could be shilling their warez to the regulators... Again regulatory capture if the SEC starts favoring some ICO's (and other privately funded projects) over the rest. That means bad news for ADA, EOS, etc...
I just think it will be hard for the SEC to classify any of the tokens that have already ICO'd as a security, they are more likely to say "well, at one time it was a security, but now it isn't" because of this argument that the coins are now "decentralized". If ETH and XRP can win that argument than any token/project could probably follow suit.
Now as far as other tokens that claim to pay dividends like TENX, that may be a different story.
Hah! And that's what exactly happened... For Ethereum at least. I don't think the same could be said of Ripple since it's centralized. But that's the point of this thread, Regulatory Capture. So what could happen is they give Ripple some slack and let it continue to operate, but its competitors (and prolly Ethereum's too) will have a much harder time getting the same lax treatment, thereby killing them.
