XRP Community Tells SEC: You Don't Represent Our Interest

[bbc.reporter]

I know that I sometimes tease the XRP holders for larping in the forum about the decentralization of Ripple. Let us not lie to ourselves, it is centralized hehe. But I reckon they are right to fight the SEC and to tell them that they were never for the XRP community’s best interest. My heart is for the ordinary people who hold XRP and I hope they win this case.

Similar to the different cases against the cryptospace, the government has never done it to protect the ordinary people like you and me. They are doing it to control you.



In a memorandum in support of the motion, filed on Monday at the US District Court for the Southern District of New York, the intervening defendants claim that many businesses have been hurt by the SEC's lawsuit against the company responsible for XRP, Ripple, in which the SEC alleges that the token is an investment contract and thus a security. 

Notably, the document states that the defendants, Ripple, “have also made it clear that they do not represent the interests of XRP Holders,” and thus the intervening defendants cannot rely on them.

Source https://decrypt.co/68472/xrp-community-tells-sec-you-dont-represent-our-interest

[Rruchi man]

Because the SEC is another extension of the government and many already do not trust the government already. Many private investors are not really concerned about whatever the SEC has against XRP. So far transactions with XRP is fast and transaction fee fairly affordable, who wouldn't want that?

Good thing is, news like this help and affect the price positively for XRP holders.

[Coyster]

Similar to the different cases against the cryptospace, the government has never done it to protect the ordinary people like you and me. They are doing it to control you.

I second that, most of the cases, sanctions, regulations etc issued by the government against one crypto or another is only a way for them to get some form of control in cryptocurrencies, the government more often than not could make up one form of accusation against crypto establishments and make it look somewhat like they are trying to protect people from being victims; but imo, it's only their (the government) interest that matters most of the time.

Good thing is, news like this help and affect the price positively for XRP holders.

The news can also have a negative impact, thing is, XRP price can go in any direction at the moment, that makes is a pretty risky coin to invest in, the news can have a positive effect today and cause a pump, but it can also dump twice as fast as well.

[Yaunfitda]

Because the SEC is another extension of the government and many already do not trust the government already. Many private investors are not really concerned about whatever the SEC has against XRP. So far transactions with XRP is fast and transaction fee fairly affordable, who wouldn't want that?

Well SEC has laid down their case against XRP and calling them as securities, so that is the point of contention. So whether the judge will rule out in favor of XRP is the next question. And we will have to find it out in the next coming months.

Good thing is, news like this help and affect the price positively for XRP holders.

It's two fold, it can affect the market positively or negatively. Initially though, others claim that XRP already "won" their cases that's why the price goes up. But the case will be dragged for months and years.

[jacafbiz]

This is just the hand of Esau and the voice of Jacob, this move is by XRP team, looking to play to emotions, there is no doubt that average Joe has been affected with all these XRP fiasco but we do not have short memory, when Ripple team was dumping their self mined tokens on the market, who do you think they were dumping the tokens on, retail investors and a lot of people lost money holding ripple post 2018 bull run and this did not stop the team from selling the tokens

[OgNasty]

This is an odd defense but one I can sort of understand.  I know when the government got involved with Butterfly Labs it turned out to be a death knell for anyone with orders that hadn't been shipped out yet.  In that case, they weren't representing the interests of BFL's customers either. 

That being said, this XRP thing has been pretty crazy.  Their denials of the truth regarding how they created and distributed XRP (which everyone just called Ripple back then, as they were 1 in the same) is what I take issue with.  Obviously holding them accountable won't be good for the XRP community, but the government is more concerned with punishing those who ask for forgiveness instead of permission.  In this case, Ripple did neither and is not being honest about the origination of XRP, which I don't suspect will end well for their community.

[ene1980]

But I reckon they are right to fight the SEC and to tell them that they were never for the XRP community’s best interest. My heart is for the ordinary people who hold XRP and I hope they win this case.

SEC is a body to enforce the law and they do not care about the interest of a company and if someone does anything beyond the framework they can always challenge them and that is what is happening with the lawsuit, no idea how this will end but the XRP team has a lot of money power to influence them  .

Similar to the different cases against the cryptospace, the government has never done it to protect the ordinary people like you and me. They are doing it to control you.

We are going through the worst phase of governmental control over everything we do and i do not see a fix in the situation anytime soon.