2021-03-26 20:09:15
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The SEC says XRP is fundamentally different from Bitcoin and Ethereum as the legal battle with Ripple intensifies.
Recently, the legal advisor of the US Securities and Exchange Commission (SEC) has argued that “XRP is not essentially like Bitcoin and Ethereum.”
During a recent hearing, SEC accusing Ripple of selling illegal securities in the form of XRP, which is illegal.
Legal advisor Jorge Tenreiro said that Bitcoin and Ethereum has been approved by the SEC because they are not securities, but not with XRP. XRP is not like Bitcoin and Ethereum, because it is a security.
“Mr. Solomon (Ripple’s general advisor) tried to tell us that Ripple is no different from Bitcoin and Ethereum but we don’t think so, clearly XRP is not like Bitcoin because Ripple is an entity that is. create these assets. That is the fundamental difference ”, Tenreiro said.
Tenreiro added “Although Ripple tried to find a use case for XRP … they were unable to prove that their token has any utility.”
“We are looking at whether this utility actually exists… but the problem is that even if it does, the efforts of Ripple and its executives to develop XRP use is what makes XRP possible. become a security ”
Judge Sarah Netburn, chair of the lawsuit, is also trying to clearly exploit the difference between XRP and Bitcoin or Ethereum.
Netburn says: “My understanding of XRP is that it not only has monetary value, but also has a utility and utility that distinguishes it from Bitcoin and Ethereum.”
General advisor of Ripple responding that, while XRP’s utility differs from Ethereum and Bitcoin, in reality they both have use cases and are very useful.
“Bitcoin and Ethereum also have utility. Bitcoin has the use cases it has developed, so does Ethereum. For example, it has smart contracts that can be executed on the Ethereum blockchain, while XRP has also developed some use cases … for example XRP has a product called Liquidation On Demand (ODL ) is used to assist financial institutions in making transactions more seamless and less expensive ”
“XRP is really useful for the banking world, XRP can be used as a bridge currency and helps banks reduce costs a lot. Banks don’t need to have their fiat accounts on either end and can deploy that money more efficiently elsewhere ”
“It is not natural that Ripple’s partnership list is full of big banks, there must be a reason these banks are partnering with Ripple.”
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