By Andreessen Horowitz (a16z) general counsel Miles Jennings, SECHe said there is no hope of a Ripple court victory against . Jennings, his opinion Ripple’s XRPHe bases it on the fact that he sells the good to investors individually.
Andreessen Horowitz (a16z) General Counsel Doesn’t Think Ripple (XRP) Can Win The Court
According to the commission, this fact means that the value of the cryptocurrency is determined by the actions of the company, unlike what is found in decentralized ecosystems.
Because they were selling tokens to retail in the US, and, per to the SEC, the value of those tokens were dependent on Ripple’s efforts as opposed to a decentralized ecosystem. I’m for Ripple and worked on CCI’s brief, but I don’t have my hopes up.https://t.co/mI2VajORhP
— miles jennings (@milesjennings) November 8, 2022
“I am for Ripple and have worked on CCI’s brief, but I am not hopeful,” Jennings tweeted about the lawsuit today.
Because they were selling tokens to individual customers in the US, and according to the SEC, the value of these tokens depended on Ripple’s efforts as opposed to a decentralized ecosystem, he added.
Crypto lawyer and XRP owner representative John Deaton objected to Jennings, saying it was pointless to rely on the regulator’s opinion.
Deaton said that the former chairman of the SEC, Hinman, believes Ethereum is not a security, while the current commission chair believes it is.
The a16z official’s remarks about Ripple followed the thesis that all the recent major crashes of crypto projects were because they were central, or rather decentralized.
The most recent example of this was the collapse of the bankrupt stock exchange FTX.
FTX has been acquired by Binance, another leading centralized crypto exchange. This move by Binance CEO CZ has made Binance the strongest player in the cryptocurrency industry.
The collapse of FTX caused a $100 billion drop in cryptocurrency market value in a single day.
*Not investment advice.
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