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Ripple (XRP): Currency or a Security? What Team Ripple Has to Say about XRP

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Ripple has made it to the main point of interest of SEC once the Securities and Exchange Commission confirmed that neither Ethereum or Bitcoin are securities, that way ruling out the possibility of BTC and ETH being viewed upon as stock or share values. Now that BTC and ETH are proclaimed to be currencies, Ripple is still to have its destiny decided by having SEC ruling on the matter revolving around the question: is XRP a security or a currency?

Ripple’s XRP: Currency or a Security?

The team behind Ripple has stated several times that they don’t look upon Ripple as a currency, but more of a digital asset, so for some members of the crypto community this statement confirms the origin of XRP and Ripple.

However, the members who agree on the matter that Ripple stands for more a security than currency, predicting that XRP will be marked as a security, could be reminded of the fact that the team Ripple had also stated numerous times and on different occasions that although Ripple and XRP are related in many ways, Ripple exists outside XRP and XRP can that way exist without Ripple.

Brad Garlinghouse, the CEO of Ripple Foundation stated not so long ago that it is a respectfully a fact that XRP is a currency while having a value in the market that is in no way manipulated by Ripple foundation, Garlinghouse reminded the public that XRP is not owned by Ripple.   

Having that said, Garlinghouse added that even if Ripple foundation wouldn’t exist anymore, XRP would continue to rise and fall with the market currents, still being available as a currency.

For Garlinghouse, this is a definite proof that XRP is not a security, whichever decision would follow by the SEC.

Richard Holland Reminds the Public: FinCEN Agreed XRP is Not a Security

One of the less known members from the Ripple team, Richard Holland, who actually designed the open-source wallet for XRP holders, joined the debate on the matter of whether XRP should be marked as currency or a security.

Holland tweeted in reply to having the latest rumors stating XRP to be a security by reminding the public that it was the US Financial Crimes Enforcement Network that ruled out the possibility of XRP being a security as the FinCEN clearly stated in their agreement that XRP is marked as currency.

Holland backed up his statement by sharing a definition of a security, as well as sharing a screenshot from the initial statement of facts and violation, within the chapter of background and introduction.

Holland said that the US Government has already stated their view on the case of XRP through the agreement between Ripple and FinCEN, that way claiming and officially concluding that XRP is a currency.

“An asset cannot be both a security and currency”, Holland claims.

In the document it is clearly stated that the “currency” of XRP was pre-mined and “completely generated”  before being distributed to the public, therefore closing his defense on the matter stating that the attached document is a part of the agreement between FinCEN and XRP.

The History Between Ripple and FinCEN

The story started out as a civil enforcement on the behalf of FinCEN almost three years ago, back in 2015.

Holland, alongside with the rest of the Ripple team claims that XRP is not a security, but some community members beg to differ while waiting for the decision from the SEC that will have the final word on this matter.

Back in 2015, FinCEN had XRP accused of several violations, which included Ripple foundation paying a fee of 450.000 of the US dollars, while creating an agreement between FinCEN and the state of XRP.

The violations of which XRP was accused held this currency for not having been integrated an AML system into their network, as well as for operating as money services business without having been previously registered with FinCEN.

The agreement was settled and the case ended with XRP paying the fine alongside with signing the agreement where XRP is said to be a currency.

Although this matter was over with for three years already, Holland has attributed this case to be the main key to resolving the question of whether XRP is currency or a security, stating that SEC won’t be able to make a different decision in oppose to the one brought by FinCEN in 2015, believing that XRP is already officially marked as currency.

Although the claims are true and backed up with solid evidence, Holland, Garlinghouse, and the rest of the crypto community will have to wait patiently for the SEC’s final word on XRP’s nature.

Ripple (XRP) Performance

Although the situation in the public may seem a bit tense, XRP is doing pretty well in the market while it is following the latest market trend.

With that being said, XRP is going up by timid 0.29% while trying to bounce off with the current dealing price of 0.53$ at the time of this writing.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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