- Ripple CEO Brad Garlinghouse has clashed with venture capitalist Jason Calacanis over the XRP situation.
- Garlinghouse questioned Calacanis’ understanding of securities law.
- Ripple and the Securities and Exchange Commission are fighting over whether or not XRP should be classified as a security.
The legal status of digital currencies has been a contentious issue, with regulators and industry experts struggling to determine their classification. The controversy over XRP’s rating has resurfaced again, but this time it’s on fire Twitter exchange between Ripple CEO, Brad Garlinghouseand prominent venture capitalist Jason Calacanis.
Garlinghouse criticizes Calacanis understanding of securities law
Calacanis stirred up controversy by asserting this XRP is an unequivocal guarantee, which has only served to fuel the ongoing legal battles between Ripple and the US Securities and Exchange Commission (SEC).
In response, Garlinghouse criticized Calacanis’ understanding of securities law and accused him of making ill-considered and controversial statements. Garlinghouse asserted that Calacanis’ claim was untrue and dishonorable, as there is currently no regulatory framework in place for registering digital assets in United State.
Garlinghouse also hinted at Calacanis’ history of making inflammatory comments and trolling topics he may not fully understand. This heated exchange shed light on the controversy surrounding XRP’s classification and the lack of clarity around the regulatory framework for digital assets in the United States.
Garlinghouse reveals Ripple’s preparations for the legal battle
legal dispute between SEC and Ripple It focuses on whether XRP should be considered a security or a digital currency. The US Securities and Exchange Commission has accused Ripple of conducting an unregistered securities offering through the sale of XRP, while asserting that the token is a security.
On the other hand, Ripple has fiercely defended its position, arguing that XRP is a digital currency. At the Dubai FinTech Summit, Garlinghouse revealed that Ripple is preparing for a legal battle that could cost up to $100,000 $200 million.
on the flip side
- The SEC’s lawsuit against Ripple has been in progress for several years, and the agency has confirmed that Ripple’s sale of XRP constitutes an unregistered securities offering.
- While Garlinghouse disagreed with Calacanis’ claim that XRP is a security, several ongoing legal disputes surround the token’s classification.
Why should you bother
The recent heated Twitter exchange about the state of XRP highlights the controversy surrounding its classification and the lack of regulatory clarity for the digital asset in the United States.
The outcome of this legal battle between Ripple and the US Securities and Exchange Commission (SEC) will have major implications for the broader crypto market, as it could set a precedent for how digital assets are regulated.
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