In this article we are going to see about Ripple XRP: SEC Has Clearly Launched A WAR On All Of The Crypto Space! (INSANE News!)....



 I want us to talk about Ripple and XRP and the people's opinions and ideas in the XRP community. But before we get into all that, let's look at the current XRP price on Coinmarketcap.com. As we can all see, the current XRP price is $1.07, and we are in the red zone today. The price has crashed in the last 24 hours by a whopping 18.09%. A huge dump just took place, but this is not the time to start panicking.We have been through these huge dumps so many times already. Any avid XRP holder knows that this is not the time to start panic selling their coins. To rev up the engines, we have this tweet from @brian_armstrong. It's a long thread that we will look at. He says, "Some really sketchy behavior coming out of the SEC recently. Story time… Millions of crypto holders have been earning yield on their assets over the last few years. It makes sense; if you want to lend out your funds, you can earn a return. Everyone seems happy.


 A bunch of great companies in crypto have been offering versions of this for years. Coinbase came out recently and said we would be launching our own version. We were planning to go live in a few weeks, so we reached out to the SEC to give them a friendly heads up and briefing. They responded by telling us this lend feature is a security. Ok - it seems strange; how can lending be a security? So, we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators and keep an open mind. They refuse to tell us why they think it's a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why. Look…. we're committed to following the law. Sometimes the law is unclear. So, if the SEC wants to publish guidance, we are also happy to follow that (it's nice if you actually enforce it evenly across the industry equally btw). 


But in this case, they are refusing to offer any opinion in writing to the industry on what should be allowed and why and instead are engaging in intimidation tactics behind closed doors. Whatever their theory is here, it feels like a reach/land grab vs. other regulators. Meanwhile, plenty of other crypto companies continue to offer a lend feature, but Coinbase is somehow not allowed to. Gensler, in his confirmation hearing: "It's important for the SEC to provide guidance and clarity," Gensler said. "Sometimes that's a clarity that will be a thumbs up, but even if it's thumbs down, it's important to provide that." March 2, 2021. If you don't want this activity, simply publish your position in writing and enforce it evenly across the industry. Ostensibly the SEC's goal is to protect investors and create fair markets. So, who are they protecting here, and where is the harm? People seem pretty happy to be earning yield on these various products across lots of other crypto companies. Shutting these down would arguably be harming consumers more than protecting them, and by preventing Coinbase from launching the same thing that other companies already have life, they're creating an unfair market. 


In May of this year, I traveled to DC to meet with every regulator and branch of government I could. The SEC was the only regulator that refused to meet with me, saying, "we're not meeting with any crypto companies." This was right after we became the first crypto company to go public in the U.S. Gensler had been confirmed just a month prior, so I brushed it off as the SEC still getting its feet under it. Now I'm not so sure. We've always tried to be good actors in the space - leaning into sensible regulation even when it is difficult or expensive. Before launching products, we try to think about what products we would want for ourselves and what risks we would want our families to be aware of. We will keep following this approach. Yet here, we're being threatened with legal action before a single bit of actual guidance has been given to the industry on these products. If we end up in court, we may finally get the regulatory clarity the SEC refuses to provide.


 But regulation by litigation should be the last resort for the SEC, not the first. Our door remains open. Hopefully, the SEC steps up to create the clarity this industry deserves without harming consumers and companies in the process. America could really use us all working together to figure this out right now." And when you read this long thread from @brian_armstrong, you realize this is precisely the reason why Ripple needs to win the lawsuit. All of the crypto community needs to come together. This is not just a Ripple Vs. the SEC anymore; it's more of the SEC against all of the crypto world. The SEC has clearly launched a war on all of the crypto space! Further, @cryptobull2020 comments on the same saying, "Had you stood by us, the XRP community would have been your biggest supporter in this, but you thought you'd be safe by delisting XRP. Now you know that Ripple has been right all along." Moving forward, we have another tweet, and this time from @Filan_Law, that says, "Ripple files reply in further support of its motion to compel the SEC to produce documents showing whether SEC employees were permitted to trade XRP and other digital assets".


 This is yet another order from the Judge to the SEC to produce documents that have been denied. This goes to show that the SEC has zero respect for law and order, no respect for the court, and no respect for the Judge as well. This is such a big joke… I would say, in fact, this is another nail in the coffin for the SEC. The case they have against Ripple is that they were selling a security that was against the rules, and Ripple should have known… Yet if it comes out that their employees were being cleared to trade in XRP, they were trading in an illegal security. Gary should just know that his goose is cooked and ready to be served! In this following tweet from @LordVXrp says, "Ripple welcomes Coinbase 'to the party' as SEC threatens to sue." He further shares news released on ambcrypto.com that says, "Coinbase has received a warning from the United States Securities and Exchange Commission [SEC] over its high-interest crypto-product, Lend. 


The product intends to pay a 4% interest to stablecoin owners on their savings. However, this idea did not sit well with regulators, and as per Coinbase, "if we launch Lend, they intend to sue." This move could prove to be the first step for the SEC to monitor such products and sue the company offering them. This also means that this highly competitive space filled with numerous exchanges would have to reevaluate its products before the SEC comes after them." Everyone should find time and read this interesting piece on ambcrypto.com. Brad Garlinghouse took note of all that's happening with Coinbase and tweeted on his account, saying, "Welcome to the party, pal." In this tweet from @CryptoWhale, we can tell that the XRP community is not impressed with how Coinbase is playing the victim. As we can see in the tweets above, Mr. Whale replies to Brad Garlinghouse, saying, "They mocked Ripple, delisted XRP, and are now stuck in the exact same situation. Funny how that works." In another tweet, Mr. Whale also shares with the XRP community saying, "Coinbase playing victim, and crying about SEC the day after halting everyone's trading and withdrawals to stop people from selling, is hilarious to me. Also, don't forget how they rushed to delist XRP the moment Ripple faced a similar regulatory hurdle." In our last tweet, we have @ErikVoorhees response to @Coinbase where he says, "But once again, we got no explanation from the SEC.


 Instead, they opened a formal investigation." Thank you, Coinbase, for opening up about this. Most companies wouldn't." Coinbase has tweeted earlier, saying, "After months of trying to engage with the SECGov on our planned Coinbase Lend product, we recently received notice that it intends to pursue legal action against us. We believe dialogue is at the heart of good regulation, even if the SEC may not." This has become a controversial topic that has got people on the internet talking. The SEC has decided to launch a war on the crypto space. Let's wait and see what direction they are planning to take with this! Now guys, it’s time to check the charts. We can see that XRP, while still trending correctly upward in the fibonacci channels, took a nose dive after bouncing along the bottom of one of the fibonacci trend channels, ultimately finding support within a channel trading $1.01-$1.16. There are many indicators showing XRP "bottom" is in from yesterday's catastrophe at least, and today or tomorrow it will seriously challenge the $1.16 resistance barrier. This may take a few tries. Please keep in mind.


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