Saturday, January 23, 2021

Abra CEO Makes a Case for Ripple’s Legal Battle, Predicts the Possible Conclusion of the Lawsuit

The founder and CEO of Abra, Bill Barhydt, has recently argued that both Ripple, the cross-border payment firm, and the U.S. Securities and Exchange Commission, have made mistakes in the build-up to the legal battle.

In a thinking Crypto interview, Barhydt showcased his support for XRP in the United States despite allegations leveled against Ripple by SEC, for selling the digital token as an unregistered security:

“The problem I have with the SEC side is they waited eight years. That’s just crazy to me. I don’t understand that, okay. You know, I’ve had my run-ins with the SEC over the years for things that I announced that I might do, not that I did, that I might do. And I don’t have a problem with that.

Read Also: Ripple General Counsel: United States Regulators Are Pushing Innovators Out of the Country

“They’re within their rights as regulators to do what they think is right, whether I agree or not. Now, these guys didn’t say they might do it, they did do it for eight years…

“That’s my problem with the SEC side… Now you can have something that starts out as a security sale which eventually becomes a commodity. But that’s not what Ripple said they were doing. They said this was a commodity sale alone, so both sides to me have got this completely wrong. They should have worked this out six years ago.”

According to Barhydt, since Ripple and SEC made mistake, the most likely conclusion of the Lawsuit is the district judge forcing the two parties to reach a settlement.

Uphold Will Not Delist XRP until Courts’ Final Verdict

Uphold, the cryptocurrency payments processor and exchange operator, has recently made a clarification about the decision of the firm on the present situation of XRP.

In an announcement on Monday 4th January 2021, Uphold pointed out that it will not follow others to delist XRP from its crypto offerings until the resolution of the lawsuit filed by SEC:

“Uphold has decided to continue listing XRP until and unless the SEC’s Complaint is adjudicated in the SEC’s favour and XRP is judged to be a security today (or trading volume dissipates to a point where we can no longer support XRP).”

Read Also: XRP Dips as SEC Files Suit against Ripple for 7-Year $1.3 Billion XRP Sale

In the announcement, the exchange noted that the lawsuit is still an allegation since no court in the United States has declared XRP a security:

“We trust that other Exchanges will adopt a similar stance rather than rushing to judgement ahead of the Court’s decision.”


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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