Top Crypto Executive Argues That XRP and ADA Have Always Been Securities
Gene Hoffman, the CCO of Chia coin stated via twitter today that ETH, XRP, FTX, FTT, SOL, AVAX and ADA have always been securities while BTC, LTC, DOGE and XCH are not securities.
Gene Hoffman Gives His Opinion On Cryptocurrency Securities
Amid the move being made by the Security and Exchange Commission (SEC) to classify cryptocurrencies that are securities and those that are not, many investors and crypto experts have given their different suggestions.
The CCO of a reputable Blockchain project, Gene Hoffman stated via his Twitter page that ETH, XRP, FTX, FTT, SOL, AVAX and ADA have always been securies. He further stated that BTC, LTC, DOGE and XCH according to him are not Securities.
Hoffman proceeded by saying that raising funds shouldn’t be through selling of tokens to investors, rather, there are lots of other ways to raise funds and that won’t put investors at risk of loosing.
With the legal battle going on between Security and Exchange Commission (SEC) and Ripple, Hoffman stood on his take that SEC would eventually win the legal case between the two with a judge eventually labelling XRP as a security.
The Case About Cryptocurrency Securities
The lawsuit that involves Ripple and Security and Exchange Commission (SEC) of the United States is a popular case that has on for more than two years.
It started in December 2020 when a case was filed against ripple by U.S. SEC claiming that Ripple generated a whooping sum of 1.3 billion dollars by releasing and selling XRP which is an unregistered security.
In a recent report, the CEO of ripple, Brad Garlinghouse revealed that the lingering case would not last for more than the next three to four months and he speculated that the case would likely end within the first half of 2023.
Brad further revealed that Ripple is ready to reach settlement if it is stated by U.S. SEC that XRP is not considered a security.
It was also seen in a report that the outgone chief of the Office of Internet Enforcement at Securities and Exchange Commission, John Reed suggested that the pioneer cryptocurrency which is Bitcoin should also be classified as asecurity.
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