Michael Saylor Says XRP Is A Security, Bitcoin Is The Only Crypto Commodity
MicroStrategy Founder & Executive Chairman, Michael Saylor said that XRP is a security, noting that the cryptocurrency falls under the jurisdiction of the U.S. Securities and Exchange Commission.
The self-declared Bitcoin HODLer expressed strong views when speaking on the PBD podcast earlier on December 6.
XRP is an unregistered security. It’s pretty obvious. There’s a company. The company owns a bunch of it, they sell it to the general public, but they never took the company public, there is no disclosures. So the SEC position is you’re selling an unregistered security.Saylor said when asked about his thoughts on the embattled cryptocurrency
Saylor continued by asserting that, with the exception of Bitcoin, which has no known founder, all other cryptocurrencies meet the requirements of an investment contract. The US Securities Act defines an investment contract as an investment of money in a common enterprise relying upon the efforts of others and expecting a profit.
All these other tokens are unregistered securities. They are all just equity tokens issued by a company in order to get around going public and they are committing securities fraud.Saylor added
Additionally, Saylor insisted that XRP, Ethereum, and other cryptocurrencies had companies and engineers to write to code, and qualified them as securities. Subsequently, he continued by saying that since all of those tokens were unethical, it would be beneficial for the world if the SEC effectively shut them all down.
Saylor’s remarks are being made while the cryptocurrency world is waiting for the outcome of the SEC vs. Ripple lawsuit, which could have significant effects on the crypto industry.
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