Famous Cryptocurrency Manager Hoffman: “This Mistake Will Make Ripple (XRP) Lose!”

SEC pressure on cryptocurrencies is increasing day by day. Gene Hoffman, president of Chia Networkin a Twitter post, Ripple’s (XRP) to the U.S. Securities and Exchange Commission in its ongoing legal battle. (SEC) He expressed confidence that he would lose against them.

Cryptocurrency Manager Says Ripple (XRP) Will Definitely Lose Against SEC

This view is true, as a Twitter user told Hoffman, Securities and Exchange Commission Chairman Gary Gensler’s all but Bitcoin cryptocurrency It was shared after Chia sarcastically asked her thoughts on its superiority over Bitcoin, in response to implying that its units are securities.

Hoffman responded by stating that Chia’s token XCH is not a security and that the company plans to register Chia equity. Unlike others who choose not to do so, he believes this is the most obvious way to be legal.

However, Matt Hamilton, Ripple’s former director of developer relations, pointed out that registering the equity did not prevent the SEC from pursuing Ripple.

Hoffman responded to Hamilton by stating that Ripple made a mistake by selling XRP before registering Ripple shares.

They sold XRP before they registered Ripple stock and that was the mistake.

— Gene Hoffman hoffmang.xch 🌱 (@hoffmang) February 27, 2023

Ripple’s former top developer warned Hoffman to follow the Ripple case closely as the SEC tries to argue that secondary market sales could also be securities.

However, Hoffman pointed out that the facts are different and their methods are specifically designed to avoid making the mistake Ripple made.

The Chia chairman says he has not had any discussions with the SEC over the token’s regulatory status, but he believes it is not a security.

*Not investment advice.