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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple CEO Rebuts WeBlogs Founder’s Claims That XRP Is A Security

Mudiaga Iritare
Mudiaga Iritare
1 year ago
3 mins read
XRP

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WeBlogs Founder Jason Calcanis, who also doubles as an angel investor with a large Twitter following, made controversial statements about the XRP cryptocurrency yesterday, calling it a security. Calcanis’ opinions of the native digital currency associated with the Ripple company caused a stir of reactions from the crypto community, earning responses from the likes of Ripple CEO Brad Garlinghouse and pro-XRP lawyer John Deaton.

Earlier this week, Garlinghouse was featured as a keynote speaker at the Dubai 2023 Fintech Summit and used the platform to talk about the internal costs of the ongoing legal battle with the United States Securities Exchange Commission (SEC).

Related Reading: Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA

The CEO’s statements on the monetary costs of the Ripple-SEC legal battle were seen to be the origin and factor driving Calacanis’s controversial remarks.

 

XRP is obviously a security

It would have cost little for the Ripple team to have registered it as a security and played by the rules —- like everyone else in the industry does all day long $xrp pic.twitter.com/Yxga686tBZ

— @jason (@Jason) May 9, 2023

XRP Not A Security, CEO Defends

The heated legal battle between Ripple and the US Securities Exchange Commission (SEC) began when the US regulator accused the company of selling XRP in an unregistered security offering. While the company has made countless efforts over the years to debunk this claim, CEO Brad Garlinghouse mentioned at the Dubai Fintech Summit that Ripple will have spent $200 million fighting the SEC lawsuit.

On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, “XRP is obviously a security,” and it would have cost little for the team at Ripple to have registered it as a security and played by the rules just like everyone else in the industry does all day long.

The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.

The Ripple boss responded to Calcani’s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.

 

remind me when you learned securities law?! This is embarrassing for you (and hilariously wrong as there is no framework to register digital assets in the US), but we're all used to you making controversial statements and trolling about things you know nothing about…

— Brad Garlinghouse (@bgarlinghouse) May 9, 2023

Pro-XRP lawyer John Deaton also chipped in comments in defense of the cryptocurrency by saying that claiming Ripple sold XRP as a security is quite different from being a security itself.

Deaton responded to Calcanis, saying, “XRP is a line of code inside software. How do you register? ‘to have registered it as a security and played by the rules like everyone else.’ Where did ETH, ADA, ALGO, XLM, etc. register?” Deaton countered.

Ripple Remains Undeterred

Ripple continues to persevere amid crypto regulatory uncertainties in the US and speculations about when a ruling will finally come in their legal battle with the US Securities and Exchange Commission. As stated earlier, Garlinghouse mentioned the large sum of $200 million spent defending the company against the SEC lawsuit, which shows their commitment to emerging victorious.

Related Reading: XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?

Also, a major highlight from the Dubai Fintech Summit was an announcement by Ripple’s CEO Brad Garlinghouse on the company’s expansion in Dubai, as the country offers reasonable crypto regulations and operational guidelines.

At press time, XRP price experiences a decline observed across the global cryptocurrency markets.

XRP

XRP prints a 5th bearish candle on the daily timeframe | Source: XRPUSD on TradingView.com
Featured image from Financial Times, chart from TradingView.com
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Mudiaga Iritare
Mudiaga Iritare

Mudiaga Iritare

Mudiaga is a news writer and crypto analyst at NewsBTC bringing forward factual/engaging news and happenings around the world of blockchain and cryptocurrencies.

Read more

Mudiaga holds a bachelor degree in Environmental Sciences and has been involved in a number of environmental protection quests. He is passionate about writing and has produced hundreds of articles as a freelancer for blockchain/crypto projects prior to joining NewsBTC as a news writer.

Mudiaga loves and plays decent chess at leisure and sees himself beating grandmasters when an opportunity presents. His other interests include technical and fundamental analysis study, football and swimming.

You can find Mudiaga on Twitter with the username @Mudy6x

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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