Veteran trader and longtime critic of Ripple, Peter Brandt has said the digital currency is a security, but he will still invest in it if the right conditions are right.
to the Report Youtoodi Peter Brent, a trader who has spent more than four decades in the Commodity Exchange, still believes that Ripple is an unregistered security.
As Brent puts it, the uncertainty of regulators over this digital currency affiliated with Ripple could not prevent the veteran trader from investing in the digital currency “under the right circumstances.”
Brent, a longtime critic of Ripple, two months before the US Securities and Exchange Commission sued Ripple and its executives, asked the government to include the XRP token in the securities category and to Ripple. Accused of manipulating the price of this controversial digital currency.
The US Securities and Exchange Commission claims that Ripple generated $ 1.38 billion in revenue through the illegal sale of XRP tokens and used the proceeds to raise funds for its business.
The US Securities and Exchange Commission further sued Brad Garlinghouse, the current CEO, and Chris Larsen, the company’s former CEO. Garling House, which once said it favors long-term maintenance of digital currencies, has made $ 150 million from the sale of its XRP tokens. Larsen and his wife also pocketed $ 450 million.
Defendants allege that the US Securities and Exchange Commission has polluted the water with its erratic approach to digital currency legislation. Ripple, which has recently pressured the government to deliver documents related to bitcoin, Ethereum and XRP tokens, continues to hope for a “fair information” defense.
Fair information refers to a law according to which no one should be forced to guess the meaning of a law. The law must be clear enough that anyone can properly understand what is allowed and what is forbidden.
Despite the troubling speech of William Hinman, a former senior US Securities and Exchange Commission official who said Ethereum was not a security, the government has not yet taken a position on Ethereum’s legislative status.
Brent believes that Ethereum is not a security because of its completely different structure.
Sources at the US Securities and Exchange Commission have apparently told Fox Business correspondent Charles Gasparino that Ethereum is classified as a commodity because its ecosystem is pre-established.
However, Gary Gensler, chairman of the US Securities and Exchange Commission, told the New York Times that both Ethereum and Ripple were in the securities category.