Lawyer Stephen Palley says XRP is corporate stock.
He also says Craig Wright is not Satoshi Nakamoto and that he thinks US government money printing is a good solution.
„It’s impossible to predict the future,“ he said, referring to the SEC / XRP lawsuit
Anderson Kill’s partner Stephen Palley said in a tweet that XRP is a real security, and shared other cryptocurrency information.
Stephen Palley has been talking about XRP cryptocurrency on Twitter for some time and has spoken out about the debacle between Ripple Labs and the United States Securities and Exchange Commission ( SEC ).
SEC Says Ripple Labs Sold XRP, Its Cryptocurrency, As Illegal Stock, And People Behind The Sale Knew It Was Corporate Share, Rather Than Crypto -change.
The legal aspects of this case rest on the fact that the nodes of XRP are controlled more centrally than most cryptocurrencies. So, while other cryptocurrencies have nodes and miners all over the world that are completely independent of each other, XRP is more like a centrally controlled system or company.
This, in the eyes of the SEC, makes XRP a corporate stock. In particular, a company that promises growth and returns .
In a new tweet, attorney Stephen Palley concurred with the legal points of this argument. He also put together a list of the main points of contention in cryptocurrency and his opinions on what’s really going on.
Think before you say
In his opinion, which he has already shared on Twitter, Palley thinks the XRP token is a stock. A Twitter user, however, believes the lawyer has lost his mind.
Ripple bosses Brad Garlinghouse and Chris Larsen have been specifically accused of illegally raising $ 1.3 billion by selling XRP as a security.
Another burning issue is that of Tether and its sister company, Bitfinex. Tether has been ordered to turn over detailed records to a New York State court to determine whether or not he was involved in the manipulation of the price of Bitcoin (BTC) and whether the USDT is actually backed 1: 1 by real money (the consensus is: it’s not). Palley reiterated that he was „probably“ corrupt.
Echoing this idea, Palley also said that BTC was „not a Ponzi scheme,“ despite being referred to in the media .
Craig Wright, Silver Print and Retrospective
The lawyer also argued about a few other hot topics. He said Craig Wright is not the real Satoshi Nakamoto .
Craig Wright has claimed to be the creator of Bitcoin in the past, although this is highly implausible. He also announced his intention to sue the entities hosting the Bitcoin whitepaper, claiming it was copyright infringement.
On another note, Palley said that „printing money is going to make noise.“ This refers to the U.S. COVID-19 stimulus policy that involves printing unprecedented dollar amounts (which has seen both shadow and comparisons to USD Tether in the cryptocurrency community).
However, he confirmed a real problem in his tweet, namely that we cannot predict the future.
This is apparently in reference to the alleged sale of XRP securities. Garlinghouse and Larsen can still be criticized for selling a title whether or not they realize what they were doing at the time.
Perhaps his strongest prognosis, Palley warned that cryptocurrency prices were still vulnerable to potential fraud.