{"id":277259,"date":"2020-11-12T05:55:40","date_gmt":"2020-11-12T10:55:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=277259"},"modified":"2021-07-29T04:19:19","modified_gmt":"2021-07-29T08:19:19","slug":"t-calls-on-sec-to-classify-xrp-as-a-security","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/t-calls-on-sec-to-classify-xrp-as-a-security","title":{"rendered":"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0"},"content":{"rendered":"

Ripple Labs has thrown jabs at the government recently over its lax crypto regulatory rules. <\/span>With the Silicon Valley firm throwing up the possibility of leaving the country, many \u2013 including them \u2013 have called on the Securities and Exchange Commission (SEC) to improve its classification of digital assets.\u00a0<\/span><\/p>\n

Holding so Much of the Asset is Dangerous\u00a0<\/b><\/h2>\n

Earlier this week, veteran trader Peter Brandt lent his voice to the issue, explaining that the securities regulator would be better served if it classified XRP \u2013 Ripple Labs\u2019 token \u2013 as a security. In a Twitter conversation, Brandt decried the fact that Ripple Labs holds a significant portion of the XRP tokens in circulation, adding that the SEC would need to classify the token as a security.\u00a0<\/span><\/p>\n

\u201cXRP would have been declared as a security if the SEC understood cryptos. This is a classic case of a market being manipulated by a bag-holder,\u201d the trader <\/span>said<\/span><\/a>.<\/span><\/p><\/blockquote>\n

The discussion appeared to originate from Ripple\u2019s QQ3 market report, which showed that the company had been actively purchasing XRP tokens from the open market. In the third quarter, the blockchain firm bought up $46 million worth of the assets, with company executives stressing that this was to protect healthy markets.\u00a0<\/span><\/p>\n

Ripple\u2019s significant ownership of XRP tokens has been a pain point for many. <\/span>Sources<\/span><\/a> reveal that the company owns over half the total supply of the asset, while it also holds power to release units as it pleases \u2013 like it <\/span>did<\/span><\/a> earlier this month with 1 billion XRP tokens (about $240 million).\u00a0<\/span><\/p>\n

Lawsuits and Threat to Move Shop\u00a0<\/b><\/h2>\n

Despite all of this, the SEC has yet to make any rulings on XRP\u2019s regulatory status. This lack of clarity has led to several lawsuits, many of which allege that Ripple Labs is selling unregistered securities in the form of its tokens.\u00a0<\/span><\/p>\n

In May, a firm called Bitcoin Manipulation Abatement LLC <\/span>accused<\/span><\/a> Ripple Labs and company CO Brad Garlinghouse of selling unregistered securities and raising as much as $1 billion. The blockchain company has also been fighting a suit from a disgruntled investor named Bradley Sostack, who sought the asset\u2019s recognition as a security and the awarding of damages to all investors.\u00a0<\/span><\/p>\n

Ripple Labs themselves have decried the lack of regulatory clarity. Last month, Garlinghouse <\/span>told<\/span><\/a> CNBC that the company had been mulling over relocating as it seemed the SEC wasn\u2019t ready to move forward with regulations.\u00a0<\/span><\/p>\n

Garlinghouse expressed frustration with the SEC and its refusal to recognize XRP in any capacity, explaining that the company could move to the United Kingdom. Praising the U.K., the CEO pointed out that its regulator \u2013 the Financial Conduct Authority (FCA) \u2013 had made significant progress in the past year towards regulation and was now developing a reliable framework that guarantees cryptocurrencies\u2019 operations.\u00a0<\/span><\/p>\n

\u201cWhat you see in the U.K. is a clear taxonomy, and the U.K.\u2019s FCA took a leadership role in characterizing how we should think about these different assets and their use cases. The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.,\u201d he said in part.\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Ripple Labs has thrown jabs at the government recently over its lax crypto regulatory rules. With the Silicon Valley firm throwing up the possibility of […]<\/a><\/div>","protected":false},"author":1770,"featured_media":276908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[8781,5846,7591],"class_list":["post-277259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-peter-brandt","tag-ripple-labs","tag-xrp"],"acf":[],"yoast_head":"\nPeter Brandt Calls on SEC to Classify XRP as a Security\u00a0 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0\" \/>\n<meta property=\"og:description\" content=\"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T10:55:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-29T08:19:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"283\" \/>\n\t<meta property=\"og:image:height\" content=\"178\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0\",\"datePublished\":\"2020-11-12T10:55:40+00:00\",\"dateModified\":\"2021-07-29T08:19:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\"},\"wordCount\":542,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg\",\"keywords\":[\"Peter Brandt\",\"ripple labs\",\"XRP\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\",\"name\":\"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0 - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg\",\"datePublished\":\"2020-11-12T10:55:40+00:00\",\"dateModified\":\"2021-07-29T08:19:19+00:00\",\"description\":\"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg\",\"width\":283,\"height\":178,\"caption\":\"XRP\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search & Compare Brokers within Crypto, Forex & Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\",\"name\":\"Jimmy Aki\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png\",\"caption\":\"Jimmy Aki\"},\"description\":\"Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. Jimmy's previously published work can be found on Business2Community, EconomyWatch, Learnbonds.com, Basketball Insiders, Buyshares.co.uk and a range of other leading media publications. Jimmy has also been investing in Bitcoin since 2018 and more recently in non-fungible tokens (NFTs) since their boom in 2021.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/jimiakinleye\/\",\"https:\/\/x.com\/adejimi\"],\"knowsAbout\":[\"Cryptocurrency\",\"Investment and Blockchain Development\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/jimmyaki\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0 - InsideBitcoins.com","description":"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259","og_locale":"en_US","og_type":"article","og_title":"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0","og_description":"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.","og_site_name":"InsideBitcoins.com","article_published_time":"2020-11-12T10:55:40+00:00","article_modified_time":"2021-07-29T08:19:19+00:00","og_image":[{"width":283,"height":178,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg","type":"image\/jpeg"}],"author":"Jimmy Aki","twitter_card":"summary_large_image","twitter_creator":"@adejimi","twitter_misc":{"Written by":"Jimmy Aki","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259"},"author":{"name":"Jimmy Aki","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad"},"headline":"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0","datePublished":"2020-11-12T10:55:40+00:00","dateModified":"2021-07-29T08:19:19+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259"},"wordCount":542,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg","keywords":["Peter Brandt","ripple labs","XRP"],"articleSection":["More Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#respond"]}],"copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259","name":"Peter Brandt Calls on SEC to Classify XRP as a Security\u00a0 - InsideBitcoins.com","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg","datePublished":"2020-11-12T10:55:40+00:00","dateModified":"2021-07-29T08:19:19+00:00","description":"Ripple Labs has fought the government recently over its lax crypto laws. The firm is throwing up the possibility of leaving the country.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259#primaryimage","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/11\/Z-3.jpg","width":283,"height":178,"caption":"XRP"},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search & Compare Brokers within Crypto, Forex & Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad","name":"Jimmy Aki","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1770_1713269729-96x96.png","caption":"Jimmy Aki"},"description":"Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. Jimmy's previously published work can be found on Business2Community, EconomyWatch, Learnbonds.com, Basketball Insiders, Buyshares.co.uk and a range of other leading media publications. Jimmy has also been investing in Bitcoin since 2018 and more recently in non-fungible tokens (NFTs) since their boom in 2021.","sameAs":["https:\/\/www.linkedin.com\/in\/jimiakinleye\/","https:\/\/x.com\/adejimi"],"knowsAbout":["Cryptocurrency","Investment and Blockchain Development"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/jimmyaki"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1770"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=277259"}],"version-history":[{"count":0,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/277259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/276908"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=277259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=277259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=277259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}