Does Fincen-Agreement really make sure XRP is not a security???

in #xrp6 years ago (edited)

When it comes to discussions about XRP and wether it is a security or not you will often read or hear that SEC cannot rule that XRP is a security because Fincen has stated that it is a cryptocurrency and so not a security.

I am a curious person so I decided to read the agreement myself (never rely on what other poeple are telling). And what shall I say. Those people said Fincen ruling is binding either cannot read or just did repeat what they have heard from someone or somewhere.

Let me quote the relevant passage:
This Agreement is binding on the Company and the Government but specifically does not bind any other federal agencies, or any state, local or foreign law enforcement or regulatory agencies, or any other authorities, although the Government will bring the cooperation of the Company and its compliance with its other obligations under this Agreement to the attention of such agencies and authorities if requested to do so by the Company. It is further understood that the Company and the Govemment may disclose this Agreement to the public.
source: https://www.justice.gov/usao-ndca/file/765721/download

As always do your own research. It helps not falling to "clever" people on the internet.

Thanks for reading.

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So what difference does it make if it’s a security or not? Does that affect how it gets taxed? Or does it become more like a stock?

I guess it will make a difference for sure. Maybe it has to do with tax rates or more rights for holders. But I have admit that I dont know. I would have to dive deep into this matter but those laws and rulings are quite difficult to read for a somebody whos mother language is not English. But maybe I will check this out eventualle, because I want to know myself.

To the question in your title, my Magic 8-Ball says:

Very doubtful

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