The idea of transferring value from one place to another was forever changed by the pseudonymous Satoshi Nakamoto’s white paper, which led to the introduction of distributed ledger technology (DLT), or blockchain, and the first ever Bitcoin. Originally intended to be used outside the purview of banks—notably in the case of Bitcoin—Ripple has instead embraced the idea that banks and other financial institutions provide one of the largest potential use-cases for DLT. Ripple’s vision has been to “rewire the global financial infrastructure to dramatically improve the costs, speed, and certainty of how transactions flow,” according to CEO Brad Garlinghouse in a video published by Ripple in March of 2018. Garlinghouse…
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Former SEC Enforcer Tells SWELL Crowd XRP Is Not a Security
Michael Didiuk says XRP doesn’t meet Howey Test criteria
Ripple announced plenty of good news at its crypto orgy SWELL the last two days, including the long-awaited launch of XRapid, the international remittance protocol that uses XRP. Crypto investors were generally pleased with what they heard and saw with the price of XRP essentially doubling in the week leading up to the gathering. But at least some thoughtful observers were waiting for a more fundamental question to be definitively addressed: Is XRP a security? Two different threads on XRPChat used the “800 lbs. gorilla” metaphor to discuss what was on everyone’s mind—whether the SEC would a) declare XRP a commodity, as it essentially has done with bitcoin and Ethereum,…
