Ripple (XRP) has been a steadfast warrior against the State in America's War on Crypto for many years. In July of 2023, they won an important victory in court against the SEC:
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The SEC had accused the company and its current and former chief executives of conducting a $1.3 billion unregistered securities offering by selling XRP, which Ripple's founders created in 2012.
The case has been closely watched in the cryptocurrency industry, which disputes the SEC's assertion that the vast majority of crypto tokens are securities and subject to its strict investor protection rules. The agency has brought more than 100 enforcement crypto actions, claiming various tokens are securities, but many of those have ended in settlements.
In the few cases that have gone to court, judges have agreed with the SEC that the crypto assets at issue were securities, which unlike assets such as commodities are strictly regulated, must be registered with the SEC by their issuer and require detailed disclosures to inform investors of potential risks.
Torres ruled that Ripple's XRP sales on public cryptocurrency exchanges were not offers of securities under the law, because purchasers did not have a reasonable expectation of profit tied to Ripple's efforts.
Those sales were "blind bid/ask transactions," she said, in which buyers "could not have known if their payments of money went to Ripple, or any other seller of XRP."
Torres applied a U.S. Supreme Court case that said "an investment of money in a common enterprise with profits to come solely from the efforts of others," is a kind of security called an investment contract.
XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled.
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This victory established a legal precedent that paves the way for the broader crypto market that also faces SEC threats. For this, Ripple deserves some appreciation. Unfortunately, that's about where my good will for Ripple ends.
In the wake of that court ruling and the ongoing wrap up of the case, Ripple fans (or early investers / bagholders) have taken to social media (X, Youtube, etc.) to pump, pump, pump Ripple to infinity and beyond. Claims that Ripple will explode from it's current value circa $0.50 to $1000 or more are not uncommon. Given that Ripple's all time high was $3.84 in January, 2018 (before the SEC lawsuit was filed), one might wonder where the optimism for a greater than 1000 times moonshot comes from. The answer exposes a very dark stain on the souls of the XRP pumping community.
Since it's launch in 2012, the developers for Ripple have been very active in courting institutional interest and development for XRP. In this case, "institutional" includes banks and central banks. Ripple has actively sought to integrate itself with traditional finance. These efforts have led Ripple to become participants in central bank CBDC development projects, which they proudly promote on their website:
The Ripple CBDC Platform offers a comprehensive platform for minting, managing, transacting, and destroying CBDCs and stablecoins.
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...Surangel Whipps Jr - President of Palau said:Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access.
Building the Future of Financial Infrastructure with Blockchain and Digital Assets
Read how Ripple is building the financial services infrastructure of the future to create, store, trade, and move value around the world leveraging blockchain technology and digital assets.
Unfortunately, CBDCs are the tyrannical antithesis to decentralized cryptocurrencies. They are tools for total financial surveillance and control - for enslaving the world. They are everything that decentralized crypto was designed to defeat.
Ripple pumpers on social media platforms are celebrating Ripple's inroads in CBDC and crossborder (CBDC) payment settlement developments as reasons to invest in XRP. They are actively rooting for CBDC implementations so that they might see some residual profit on their XRP holdings. They are selling out humanity for their own personal profit.