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Funny Money?

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February 5, 2021

According to Wikipedia, Ripple is a currency exchange and remittance network created by Ripple Labs Inc. It supports tokens representing fiat currency, cryptocurrency, commodities, and other units of value including frequent flier miles or mobile minutes, and purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” The ledger employs the native cryptocurrency known as XRP. Three months ago Ripple and two of its executives were sued by the SEC for allegedly raising “over $1.3 billion through an unregistered, ongoing digital asset securities offering”. In its formal response, Ripple accuses the SEC of distorting the facts. It contends that XRP is a cryptocurrency and therefore outside the SEC’s jurisdiction, and notes that regulators in the UK, Singapore and Japan, as well as U.S. regulators other than the SEC, recognize it as such. Andrew Ceresney from Debevoise & Plimpton is representing Ripple.

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