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

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Ripple

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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Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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