Ripple Will Lose Against SEC, Crypto Executive Claims

Dec 08,2022
Ripple Will Lose Against SEC, Crypto Executive Claims

Gene Hoffman, chief strategic officer of the blockchain company Chia Network, predicted and analyzed that the U.S. Securities and Exchange Commission would defeat Ripple in a high-profile legal battle, which would quickly continue to the third year.

He said: "The only result is that the federal judge will decide that Ripple sells XRP to make XRP a security."Tweeting.

The former CEO of the listed company indicated that the federal government's chief judge was very suspicious. As we all know, most people buy XRP in the hope that "the data will improve". As a result, Ripple and his supporters' arguments about the known effects of cryptocurrencies may not be founded.

Hoffman has decades of working experience in the United States Securities Trading Association. He said that the regulatory authorities had not lost the case in Section 5 for decades, and added that there was little difference between XRP and LBRY Credits (LBC) tokens. imageReported by:In November, LBRY, an equivalent content distribution network, was defeated by the Securities Exchange Association (SEC). The court ruled that this newly established company gave LBC tokens as unregistered securities.

In addition, Ripple's leadership was told that its XRP distribution was illegal, and it happened to be Mels Hinman, the former head of the financial department of SECReturn to 2019.

Although Hoffman allowed the SEC to deal with Hinman's notorious 2018 Ether speech in a "mess", he believed that this had nothing to do with the case.

The high-tech entrepreneur also accused Ripple of cheating many people in the cryptocurrency community on their understanding of the specific situation. He wrote: "It's a pity that so many people at Ripple cheated so many people on this matter."

Hoffman believes that "very few" of the top 100 cryptocurrencies are not American securities.

The SEC's prosecution of Ripple starts about two years ago. This popular blockchain company was accused of giving XRP tokens as unregistered securities.

It is reported that RippleCEOBrad Garlinghouse estimated that the lawsuit would be solved in timeThe first half of 2023.