CRYPTO CHAOS RIPPLE AND XRP - ALL CRYPTO'S ARE BELONG TO US CHINA !!!

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Weekly report: US Securities Regulatory Commission officially filed a lawsuit against Ripple, XRP trading may be in crisis

CoinDesk Chinese Version Author: CoinDesk 12-23 10:38 ComplaintReading number: 435

Other important news: The United States strengthens personal wallet KYC supervision, Polkadot DeFi insurance application Tidal receives $1.95 million in financing

​​This Tuesday, the US Securities and Exchange Commission officially filed a lawsuit against cryptocurrency giant Ripple and its two executives holding a large number of XRP tokens, chairman of the board of directors Christian Larsen and CEO Bradley Garlinghouse. This also means that Ripple and the China Securities Regulatory Commission have opened a new stage in the seven-year-long war.

Ripple has earned USD 130 million from the sale of XRP tokens since 2013. XRP has also become a major mainstream cryptocurrency after Bitcoin and Ethereum due to its huge market share and the pursuit of many small investors. But unlike the former two, XRP does not have a decentralized mining and coinage model like the former.

The specific reason for the allegations by the Securities Regulatory Commission is that Ripple sold XRP to retail investors but did not comply with the corresponding regulations. One of the characteristics of

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investors is that they have a large number of retail investors and hold a large amount of XRP. Once the China Securities Regulatory Commission wins the lawsuit, the trading platform will stop trading services for the token, and many small investors may suffer heavy losses. As of Tuesday, the price of XRP had fallen by 14%.

Industry experts pointed out that if XRP is judged to be a security, many exchanges will not be able to process the transaction of the token, because most secret currency exchanges do not have a securities trading license. Ryan Watkins, a senior researcher at Messari, said that in such a scenario, the market liquidity of XRP will be greatly reduced, and its price will face a very serious decline.

If exchanges continue to trade XRP after the China Securities Regulatory Commission wins, they may be punished by the Commission and require these exchanges to apply for a securities trading license, otherwise they will be treated as unregistered securities trading. At present, a relatively small exchange called CrossTower has stopped services related to XRP.

Although large exchanges like Coinbase and Binance have not stopped XRP trading services, CrossTower's decision may also play a guiding role for them.

The Cryptocurrency Rating Committee, led by Coinbase, is an organization that specializes in assessing the similarity of various crypto assets and securities. The committee divides the degree of similarity into five levels. Through the committee's assessment, XRP and securities have a similarity rating of four, and belong to a class of encrypted assets that are quite similar to securities.

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The following will take you to analyze the short-term, medium-term and long-term risks brought by the SFC litigation to XRP tokens. It is worth noting that the SFC lawsuit does not mean that Ripple will lose the lawsuit. The lawsuit may be fought for several years and RUBI may also win the lawsuit. The litigation token is likely to bring medium and long-term risks.

Cryptocurrency trader and analyst Alex Kruger said that XRP has a low probability of being delisted by the exchange during the SFC lawsuit. In his view, the news of the lawsuit is "short-term noise" for the price of XRP. However, the price drop of XRP may continue for a while. Buyers who drink heavily are more worried about the news of the lawsuit just announced.

Cryptocurrency service company Tritium CEO John Willock said that once XRP is defined as a security by the Securities Regulatory Commission, most cryptocurrency investors will be daunted by the cost and complexity of securities transactions, and the token may also lose a lot of market liquidity. . OKEx CEO Jay Hao also agreed with this view, saying that if XRP becomes a security, the token will face the risk of being sold down.

Although many institutional investors have recently entered the market, and exchanges large and small are also exploring more trading services, these developments are mainly centered on the two mainstream currencies of Bitcoin and Ethereum. The XRP token partial retail cryptocurrency hardcore investor portrait has led to very limited trading channels for XRP holders, and most of the trading volume is concentrated on the exchange. So it can be imagined that if most exchanges stop trading XRP, its market liquidity will be greatly reduced.

However, Ripple is not in a desperate situation. Willock said the Securities Regulatory Commission can impose more operating conditions on Ripple or fine it to mitigate the impact of the lawsuit on XRP transactions.

Hao pointed out that even if XRP is really classified as a security, the token can be traded on the larger traditional stock market, which may have a positive impact on the price.

Ripple’s CEO Garlinghouse revealed a few weeks ago that Ripple may move its headquarters out of the United States due to differences with the Securities Regulatory Commission. In his most recent interview with CNBC, the US financial television channel, Garlinghouse said: "Except for the United States, no regulatory agency in any other country classifies XRP as a security, whether it is the United Kingdom, Japan or Switzerland.

It is worth noting that Ripple has always emphasized that it is relatively independent of the XRP token project. Garlinghouse stated that even if XRP does not exist in Ripple, XRP tokens can still be bought and sold on hundreds of exchanges around the world. There are more than 100 projects and entrepreneurs innovating on the basis of XRP technology.

The XRP project was founded in 2012 by Arthur Britto, Jed McCaleb and David Schwartz. They donated a large portion of XRP tokens to Ripple. According to Messari data, Ripple has sold $120 million worth of XRP tokens since then. The project attracted a large number of retail investors, who formed one of the largest cryptocurrency communities on

Twitter. Ripple currently holds nearly US$40 billion worth of XRP tokens.

[US Strengthens Personal Wallet Supervision]

US Treasury Secretary Stephen Mnuchin introduced KYC compliance standards for personal cryptocurrency wallets. The new regulations require exchanges to store the recipient's user information before transferring the cryptocurrency to the user's wallet. ​​​​

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Coinbase CEO Brian Armstrong said that he has applied to the Ministry of Finance to extend the public comment period for the KYC wallet draft from 15 days to the more conventional 60 days, and explained that relevant departments do not need to rush to pass the draft.

[DeFi insurance company raised 1.95 million US dollars]

Tidal Finance, a DeiFi insurance company, raised US$19.5 billion through a seed round, led by the European digital asset company KR1. The application runs on the basis of Polkadot's blockchain technology.

At present, the leader in the DeFi insurance industry is still Nexus Mutual, but Tidal said that Polkadot's technical foundation can extend the application to more other blockchains to provide insurance for their smart contract-related losses. Correspondingly, Tidal may have more market liquidity.

[Ledger 270,000 user information leaked]

On Monday, the hacker website Raidforums published more than 1 million customer emails of hardware wallet Ledger, as well as some user names and phone numbers. Ledger subsequently stated that the latest leaked data may come from the contents of the e-commerce database in June this year.

The company estimates that sensitive information such as the names, delivery addresses, and phone numbers of 270,000 users has been leaked online. Since the initial hacker attack, 69% of the addresses in the database have been compromised.

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>>12143349

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