Jason Calacanis, the investing whiz, and podcast king has set the crypto world ablaze by labeling XRP as a “centrally controlled security.” Gasp!
In a recent X-post, he raised eyebrows by questioning XRP’s decentralized nature, arguing that if the SEC lets it trade like Bitcoin, securities law will be rendered as useful as a chocolate teapot.
Brace Yourself for Market Turmoil! 🌪️
Calacanis warned that treating XRP like Bitcoin could open the floodgates, enabling startups, funds, and shady characters to unload truckloads of tokens onto unsuspecting retail investors. Yikes!
“Expect market mayhem as a million startups, funds, and scoundrels offload 50% of their coins on retail while slowly selling off their remaining 50%.”
He also warned that such instability could tarnish the U.S.’s well-deserved reputation for structured, investor-friendly markets. To prevent this, he suggested imposing a “sophisticated investor test” for trading XRP, ensuring folks know what they’re getting themselves into.
One user quipped that Trump has always prioritized big-time investors over protecting retail investors, pointing to his handling of the CFPB and similar agencies. Ouch!
Calacanis’ comments, however, have sparked controversy, especially from John Deaton, the legal eagle behind Crypto Law. Deaton fired back by sharing a document that claims XRP doesn’t fit the legal definition of an investment contract under the Howey Test.
Deaton insists that XRP isn’t a “contract, transaction, or scheme,” directly contradicting Calacanis’ argument. Talk about adding fuel to the fire!
Navigating the Regulatory Maze 🧩
This heated debate comes as XRP’s regulatory status remains up in the air. In August 2023, Ripple notched a win when a U.S. court decided that XRP isn’t a security on secondary markets. But the SEC appealed the ruling, arguing that Ripple still violated securities laws in its sales to retail investors.
The lawsuit’s outcome and potential regulatory changes under the Trump administration could significantly impact XRP’s future. Bloomberg ETF analyst James Seyffart predicts that Commissioner Hester Peirce’s Crypto Task Force might reassess XRP’s classification by the end of 2025. Meanwhile, attorney Jeremy Hogan thinks an XRP exchange-traded fund (ETF) is a pipe dream until the regulator’s lawsuit is settled.
And let’s not forget the whispers about XRP’s potential role in a U.S. national crypto reserve! Rumors swirled after Trump dined with Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty on January 6. However, the lawsuit’s outcome will likely determine XRP’s fate in this regard.
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2025-02-17 19:48