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\u2019 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.<\/p>\n
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).<\/p>\n
Related Reading: Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA<\/a><\/p>\n The CEO\u2019s statements on the monetary costs of the Ripple-SEC legal battle were seen to be the origin and factor driving Calacanis\u2019s controversial remarks.<\/p>\n \u00a0<\/p>\n XRP is obviously a security<\/p>\n It would have cost little for the Ripple team to have registered it as a security and played by the rules \u2014- like everyone else in the industry does all day long $xrp<\/a> pic.twitter.com\/Yxga686tBZ<\/a><\/p>\n \u2014 @jason (@Jason) May 9, 2023<\/a><\/p>\n\n 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.<\/p>\n On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, \u201cXRP is obviously a security,\u201d 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.<\/p>\n The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.<\/p>\n The Ripple boss responded<\/a>\u00a0to Calcani\u2019s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.<\/p>\n \u00a0<\/p>\n 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\u2026<\/p>\n \u2014 Brad Garlinghouse (@bgarlinghouse) May 9, 2023<\/a><\/p>\n\n 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.<\/p>\n Deaton responded<\/a> to Calcanis, saying, \u201cXRP is a line of code inside software. How do you register? \u2018to have registered it as a security and played by the rules like everyone else.\u2019 Where did ETH, ADA, ALGO, XLM, etc. register?\u201d Deaton countered.<\/p>\n 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.<\/p>\n Related Reading: XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?<\/a><\/p>\n Also, a major highlight from the Dubai Fintech Summit was an announcement by Ripple\u2019s CEO Brad Garlinghouse on the company\u2019s expansion in Dubai, as the country offers reasonable crypto regulations and operational guidelines.<\/p>\n At press time, XRP price experiences a decline observed across the global cryptocurrency markets.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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\u2019 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.<\/p>\n 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).<\/p>\n Related Reading: Only 6% Left Until Cardano Hits Max Capacity, What This Means For ADA<\/a><\/p>\n The CEO\u2019s statements on the monetary costs of the Ripple-SEC legal battle were seen to be the origin and factor driving Calacanis\u2019s controversial remarks.<\/p>\n \u00a0<\/p>\n XRP is obviously a security<\/p>\n It would have cost little for the Ripple team to have registered it as a security and played by the rules \u2014- like everyone else in the industry does all day long $xrp<\/a> pic.twitter.com\/Yxga686tBZ<\/a><\/p>\n \u2014 @jason (@Jason) May 9, 2023<\/a><\/p>\n 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.<\/p>\n On making this statement at the summit, Weblogs founder Jason Calcanis took to his official Twitter handle, saying, \u201cXRP is obviously a security,\u201d 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.<\/p>\n The tweet by Calcanis was met with counter comments and opinions from top players in the crypto industry, including Garlinghouse.<\/p>\n The Ripple boss responded<\/a>\u00a0to Calcani\u2019s tweet calling it wrongful and an embarrassment as there is no framework to register digital assets in the US.<\/p>\n \u00a0<\/p>\n 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\u2026<\/p>\n \u2014 Brad Garlinghouse (@bgarlinghouse) May 9, 2023<\/a><\/p>\n 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.<\/p>\nXRP Not A Security, CEO Defends<\/h2>\n
Ripple Remains Undeterred<\/h2>\n
XRP Not A Security, CEO Defends<\/h2>\n