The crypto universe is blazing with speculation and uncertainty as David Schwartz, the Chief Technology Officer of Ripple, steps into the spotlight to respond to an electrifying disclosure.
This comes in response to a
list revealed by the widely-followed price-tracking platform, CoinGecko. While there are tokens on the list that have been alleged as securities by the Securities and Exchange Commission (SEC). But there’s one glaring omission: XRP.
XRP, the digital darling associated with Ripple, is prominently missing from this lineup. It’s a bold reminder that XRP stands firm on its ground as a non-security entity, refusing to be roped into the drama of regulatory nonsense.
CoinGecko’s Listing of 48 Tokens Amidst SEC Tussles
On the 8th of August 2023, CoinGecko, one of the most widely followed price-tracking platforms in the world,
listed a total of 48 tokens. Most of these tokens are subjects of SEC lawsuits against major exchanges like Binance and Coinbase.
Among
these 48 tokens, we’ve got the A-listers making an appearance – BNB, ADA, SOL, TRX, MATIC, TON, BUSD, and ATOM. These aren’t just any run-of-the-mill tokens; they’re residing comfortably in the top 30 tokens by market capitalization. A curious aspect is that this list seems to target tokens based on the proof-of-stake (PoS) mechanism, excluding Ethereum.
Collectively, the market capitalization of these tokens stands tall at a jaw-dropping $92.7 billion. That’s nearly 8% of the total global crypto market cap is accounted for by this currency – an enormous presence, no doubt.
Prominent Tokens Missing: Bitcoin, Litecoin, Dogecoin, Shiba Inu
First, on the docket, we’re witnessing a conspicuous absence of proof-of-work tokens in the limelight. High-profile players like Bitcoin, Litecoin, and Dogecoin are noticeably
absent from the list. Joining them on the missing list are Shiba Inu and Avalanche, leaving us with some head-scratching questions about the criteria behind this selection.
But that’s not all – let’s talk stablecoins. Among these enigmatic entries, the two giants of the stablecoin world, USDT, and USDC, find themselves exempt from scrutiny. Interestingly, joining the stablecoin fray is the Binance USD (BUSD) stablecoin, making its grand debut on this intriguing list.
Perhaps the most riveting aspect of this entire news is the notable exclusion of XRP. And here’s where things get interesting: this omission stems from a ground-shaking
verdict by none other than Judge Torres. With confidence, the Judge passed that XRP stands apart – it’s not a security. This stands in stark contrast to the SEC’s own arguments, sending ripples through the regulatory dampness.
Ripple CTO Adds Humor to SEC’s List
The Ripple CTO steps into the ring, sporting a smile and a dash of humor. He
playfully points out that this list is missing a few other “gems,” like orange groves, live beavers, and whiskey
warehouse receipts. While these seemingly unrelated items were
once part of the SEC’s eccentric securities classifications in decades past.
But let’s not forget the climax of this – XRP’s exemption. This positions XRP in the hallowed territory of non-securities, rubbing shoulders with legal champions of the crypto realm.
While Bitcoin may claim non-security status, it hasn’t faced the courtroom showdown XRP has. Despite the SEC’s plot to overturn Judge Torres’ ruling, XRP supporters are standing tall, emphasizing that this verdict will be the law of the land for at least two action-packed years.
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