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Ripple To Face SEC Suit Over XRP; Tone Vays Calls The Crypto A “Security Scam”

Tone Vays happily hopped on Twitter to drop news about Ripple and their digital asset XRP.

It seems that the future will not be too pink for the coin.

Check out his tweet below:



Someone commented: “For a guy who posts about the perils of Communism so often you sure don’t seem to mind Clayton giving clarity to commy controlled projects like Bitcoin.”

Vays dropped this message as a response: “I have no problem with security laws, those who break them scam the user, I have a problem with KYC/AML laws, you prob don’t understand.”

Authors Paul Vigna and Dave Michaels just posted an interesting article in The Wall Street Journal elaborating on Ripple and XRP’s case.

Ripple will defend itself from SEC lawsuit

It’s been reported that Ripple Inc. said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.

“The suit, which hasn’t yet been filed, would be one of the highest-profile SEC actions against a cryptocurrency pioneer, just as the regulator’s chairman is departing at the end of the Trump administration,” according to the prestigious publication.

They continued and said: “The SEC over the past few years has brought and mostly won civil lawsuits alleging startups trampled securities laws when they raised money by selling cryptocurrencies.”

The company and the officers say they plan to fight the claims.

“They’re wrong in matter of law and fact,” Ripple’s Brad Garlinghouse said.

We suggest that you check out the complete available details on the subject in the original article. 

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