{"id":110107,"date":"2020-11-11T17:33:58","date_gmt":"2020-11-11T14:33:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-should-declare-xrp-a-security-says-peter-brandt\/"},"modified":"2020-11-11T17:33:58","modified_gmt":"2020-11-11T14:33:58","slug":"sec-should-declare-xrp-a-security-says-peter-brandt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-should-declare-xrp-a-security-says-peter-brandt\/","title":{"rendered":"# SEC should declare XRP a security, says Peter Brandt"},"content":{"rendered":"

“# SEC should declare XRP a security, says Peter Brandt <\/strong>”
\n<\/p>\n

Veteran trader and chart analyst Peter Brandt is the latest figure in the cryptocurrency community to dispute the regulatory status of XRP.<\/p>\n

According to the chartist, XRP \u2014 the fourth<\/a> largest cryptocurrency at publishing time \u2014 is a security, which means that the coin should fall under the regulatory purview of the United States Securities and Exchange Commission.<\/p>\n

\u201cXRP would have been declared as a security if the SEC understood cryptos,\u201d Brandt argued<\/a> in a tweet on Nov. 10.<\/p>\n

Brandt\u2019s comments came in response to a statement by Twitter<\/a> user Rexiby crypto, who claimed<\/a> that \u201cXRP company owns almost half of the total circulating coins.\u201d According to Brandt, XRP is a \u201cclassic case of a market being manipulated by a bag-holder.\u201d<\/p>\n

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XRP would have been declared as a security if the SEC understood cryptos. This is a classic case of a market being manipulated by a bag-holder.<\/p>\n

\u2014 Peter Brandt (@PeterLBrandt) November 10, 2020<\/a><\/p><\/blockquote>\n

Brandt\u2019s remarks could app<\/a>arently be linked with a Q3 2020 market report by Ripple, one of the most important companies affiliated with XRP. Released<\/a> on Nov. 5, the report states that Ripple was actively buying up XRP, purchasing nearly $46 million worth of the coin in Q3 2020. The company\u2019s executives stressed<\/a> that Ripple \u201cis purchasing \u2014 and may continue to purchase \u2014 XRP to support healthy markets.\u201d<\/p>\n

While Ripple is trying hard<\/a> to distinguish\u00a0itself from XRP, the firm still owns a significant amount of the currency. According to official records<\/a>, Ripple owned 60 billion XRP, 55 billion was in escrow accounts as of July 2018. The company reportedly owns<\/a> more than half of the total supply of XRP.<\/p>\n

The long-running regulatory uncertainty around XRP has previously\u00a0escalated into multiple lawsuits, alleging that XRP is an unregistered security. Though first brought up in 2018, the SEC has not provided a firm stance on the matter to date.<\/p>\n

Ripple itself is looking to move abroad because American regulations are reportedly threatening its business. In late October, the CEO of Ripple\u2019s backer and a major tech partner SBI Holdings said that Japan is the most likely country Ripple will relocate to should it leave the U.S.<\/p>\n

In August 2020, U.S. representative Tom Emmer (R-MN) argued that XRP is not a security, but provided little elaboration.<\/p>\n