An XRP enthusiast named Invoice Morgan shared a screenshot from Ripple’s This autumn 2022 report indicating that the company only offered XRP in connection with ODL transactions. He added that the SEC has decided not to forbid the current XRP sale, noting that this has been going on since 2019.
“My principle John is when Ripple was investigated in 2019 and told to stop promoting XRP they decided to limit gross sales to ODL customers realising such gross sales don’t match Howey,” he wrote on Twitter. There aren’t many prongs. Why, in any case, limit gross sales to ODL transactions and use?”
Because there is no expectation of revenue in the current promotion of XRP, it is not a security if It is solely used for ODL transactions and never as an investment, and the SEC charged Ripple Labs, based in San Francisco, with marketing unregistered securities in the form of XRP without providing adequate notice in December 2020.
Using the case of Stacks (STX), a Twitter user named Jay’V believes that Ripple and other cryptocurrency initiatives should register their tokens with the SEC. Hiro, formerly Blockstack, stated in 2021 that its Stacks token (STX) was not secure and that it would cease submitting annual reports to the SEC as a result.
In 2021, a consumer claimed, “Hiro (previously Blockstack PBC) has filed an annual report with the SEC for 2020. We anticipate that this will be our final annual submission because we do not deal with Stacks (STX) as a US security. This marks the end of a two-year journey, and we plan to submit an exit report.”
In light of these updates, the SEC has increased its regulatory oversight of the cryptocurrency sector over the previous week, prompting criticism from certain industry members claiming that the company’s methodology is biased.
