United States - According to an agreement signed between Ripple and the US Financial Crime Network (FinCEN), the XRP could be considered a currency and not a financial security. Recently, the US SEC has made it clear that bitcoin (BTC) and ether (ETH) are also currencies, and therefore are not part of binding legislative measures on financial instruments.
The XRP, a currency through a ... fine?
The biggest concern in the Ripple community has always been whether it can be classified as a currency or a financial security. After the US Securities and Exchange Commission (SEC) has clarified its position on Bitcoin (BTC) and Ether (ETH) by claiming that they are not securities and therefore will not be regulated as such, observers have been waiting for a while for a decision on the XRP token. For the moment, the parent agency that is competent in these classifications has not yet decided.
But if the SEC has not issued a directive, a US Treasury Department decision that collects and analyzes information on financial transactions suggests that the XRP would be considered a currency.
"No criminal proceedings against Ripple would be able to contradict these facts"
According to FinCEN's press release, Ripple was fined $ 700,000 for "acting as a money-services business (MSB) and selling its virtual currency, known as XRP, without its own currency." register with FinCEN and fail to implement and maintain an appropriate anti-money laundering (AML) program designed to protect its products from being used by money launderers or terrorist financiers ". Since then, the company has worked accordingly on its business practices. However, certain statements in the agreement could affect the classification of the XRP.
The XRP, not a financial title but a cryptocurrency thanks to the American FinCEN?
CRYPTO-MONNAIESTRADING
The XRP, not a financial title but a cryptocurrency thanks to the American FinCEN?
United States - According to an agreement signed between Ripple and the US Financial Crime Network (FinCEN), the XRP could be considered a currency and not a financial security. Recently, the US SEC has made it clear that bitcoin (BTC) and ether (ETH) are also currencies, and therefore are not part of binding legislative measures on financial instruments.
- Publicity -
The XRP, a currency through a ... fine?
The biggest concern in the Ripple community has always been whether it can be classified as a currency or a financial security. After the US Securities and Exchange Commission (SEC) has clarified its position on Bitcoin (BTC) and Ether (ETH) by claiming that they are not securities and therefore will not be regulated as such, observers have been waiting for a while for a decision on the XRP token. For the moment, the parent agency that is competent in these classifications has not yet decided.
But if the SEC has not issued a directive, a US Treasury Department decision that collects and analyzes information on financial transactions suggests that the XRP would be considered a currency.
"No criminal proceedings against Ripple would be able to contradict these facts"
According to FinCEN's press release, Ripple was fined $ 700,000 for "acting as a money-services business (MSB) and selling its virtual currency, known as XRP, without its own currency." register with FinCEN and fail to implement and maintain an appropriate anti-money laundering (AML) program designed to protect its products from being used by money launderers or terrorist financiers ". Since then, the company has worked accordingly on its business practices. However, certain statements in the agreement could affect the classification of the XRP.
- Publicity -
As Richard Holland, an entrepreneur behind a cryptographic portfolio, said, "The US Attorney signed the agreement and it was technically with the US Attorney's Office. They accepted these facts. According to him, "no future federal criminal proceedings against Ripple would be able to contradict these established facts. "
Do you think the XRP token has the characteristics required to be considered a currency?
