Advisors who have recommended XRP or other cryptos to their clients may need to inform them about the potential risks associated with these investments, depending on the outcome of the Ripple hearing. Opinion by djwindle
Ripple is a San Francisco-based technology company that was founded in 2012. Ripple's primary goal is to create a global payment system that can facilitate fast and low-cost cross-border payments. The company has developed a payment protocol called the Ripple Protocol, which is designed to facilitate real-time gross settlement of funds between financial institutions.
Ripple has denied the allegations and has been fighting the lawsuit in court, which Garlinghouse has predicted in anheld during CoinDesk’s Consensus 2022 conference that Ripple will have spent “over $100 million on legal fees fighting the SEC.” The company argues that XRP is not a security but a digital asset that serves as a bridge currency for cross-border payments.
At the end of 2022, over a dozen other major crypto industry supporters, such as Coinbase, joined in by filing “friend of the court” briefs in support of Ripple.Financial advisors should care about the outcome of the SEC lawsuit against Ripple and XRP because it could have significant implications for their clients and the entire financial industry. If XRP is deemed a security, it could lead to increased regulatory oversight and restrictions on the use of cryptocurrencies.
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