Thread:

While the entire US crypto industry (exchanges, funds, associations, PsPs, lobbyists, etc) is currently focused on fighting the AML rules proposed by FinCEN, the XRP Community has been left ALONE fighting the securities battle FOR THE BENEFIT of the whole industry.

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The entire US crypto industry (excluding the XRP Community) has been miserably failing to acknowledge that, until now, all the SEC has had for purposes of characterising a blockchain-based token as a security under the Securities Act of 1933 ...

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... is a 75 year-old judicial precedent (i.e. 1946 Howey Test), and some non-binding internal guidance. That's it. Nothing more. No clear federal regulations and no clear binding precedents.

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Should the SEC definitively win the Complaint filed against Ripple, it would gain a contemporary (and *binding*) judicial precedent essentially defending the posture that it is rightful to apply a 75 year-old precedent to 2020's cutting edge technology, ...

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... giving the SEC's enforcement division a clear path moving forward within the crypto industry.

With such precedent (which the SEC hasn't been able to obtain so far, as a result of the early settlements reached with other crypto projects), the SEC would be ...

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... ultimately legitimized to go after every other crypto project whose characteristics could eventually fall under the prongs of a 75 year-old Test, i.e. probably all cryptocurrencies excluding Bitcoin and maybe Ether.

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This would eventually force all the US crypto industry participants to reduce the scope of their business models to only two digital assets, therefore limiting available revenue channels and freedom to innovate with new technological tools.

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However, the US crypto doesn't seem to care about that, and will rather go as far as throwing a single project under the bus (despite the destructive consequences potentially deriving from it), in an attempt to short-sightedly mitigate ...

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... a 'supposed' risk of being charged with liabilities associated with facilitating the sale of unregistered securities that haven't actually been definitively classified as such.

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The US crypto participants have failed to properly assess risks and have failed to identify the current aspects of the market that could derive, in the long-term, to material adverse effects in prejudice of their own businesses.

End.

10/10

More from Crypto

1/ Welcome to #DeFi Wednesday.

Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.

Enter the thread

👇👇👇


2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.

Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.


3/ Less chad and more things that actually matter:

My incomplete theory of interest-bearing cash is also available also as a blog post:

https://t.co/uiG0fZiVyu

It is 15 pages. Pick your slow poison or die fast by continue reading here.

4/ First time in the history we have an ability to create interest-bearing cash-like instruments.

Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.

Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp


5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)

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It was Ved Vyas who edited the eighteen thousand shlokas of Bhagwat. This book destroys all your sins. It has twelve parts which are like kalpvraksh.

In the first skandh, the importance of Vedvyas


and characters of Pandavas are described by the dialogues between Suutji and Shaunakji. Then there is the story of Parikshit.
Next there is a Brahm Narad dialogue describing the avtaar of Bhagwan. Then the characteristics of Puraan are mentioned.

It also discusses the evolution of universe.(
https://t.co/2aK1AZSC79 )

Next is the portrayal of Vidur and his dialogue with Maitreyji. Then there is a mention of Creation of universe by Brahma and the preachings of Sankhya by Kapil Muni.


In the next section we find the portrayal of Sati, Dhruv, Pruthu, and the story of ancient King, Bahirshi.
In the next section we find the character of King Priyavrat and his sons, different types of loks in this universe, and description of Narak. ( https://t.co/gmDTkLktKS )


In the sixth part we find the portrayal of Ajaamil ( https://t.co/LdVSSNspa2 ), Daksh and the birth of Marudgans( https://t.co/tecNidVckj )

In the seventh section we find the story of Prahlad and the description of Varnashram dharma. This section is based on karma vaasna.