Crypto Analyst from Bloomberg Backs Ripple (XRP) Against SEC

Bittime - In the latest development in the cryptocurrency world, a crypto analyst from Bloomberg has expressed their support for Ripple (XRP) in the face of a lawsuit from the United States Securities and Exchange Commission (SEC). This case has become a hot topic among the crypto community, and this support from renowned analysts provides a significant boost for Ripple.

Kasus Ripple vs SEC

The SEC's lawsuit against Ripple began in late 2020, alleging that Ripple had raised more than $1.3 billion through the sale of unregistered securities in the form of XRP. Ripple, on the other hand, argues that XRP is a digital currency like Bitcoin and Ethereum, and therefore, should not be subject to securities regulations.

Check Today's Crypto Market:

Support from Bloomberg Analysts

According to a report from Binance, a prominent crypto analyst from Bloomberg has openly supported Ripple in its legal battle against the SEC. The analyst believes that XRP is not a security and that the SEC's actions could have a significant negative impact on innovation and development in the cryptocurrency sector.

Analyst Arguments

The analyst emphasized several key points in his support for Ripple:

Definition of Digital Currency

Analysts argue that XRP meets the definition of a digital currency and is not a security. They stated that treating XRP as a security would create a dangerous precedent that could stifle innovation in the crypto sector.

Negative Impact on Industry

The SEC's action against Ripple could create widespread legal uncertainty across the crypto industry. Analysts argue that this could hinder the development of new technologies and investment in the sector.

Not a Strong Case

According to analysts, the SEC has not been able to clearly prove that XRP is a security. They mentioned that many legal experts and other regulators around the world do not consider XRP to be a security.

Crypto Community Reaction

This support from Bloomberg analysts was welcomed by the crypto community. Many believe that this statement from the renowned analyst will provide a moral boost and strengthen Ripple's position in this case. Additionally, this support also provides additional confidence for XRP investors that Ripple's future is still bright.

Also Read How To Buy Crypto:

Conclusion

A prominent Bloomberg crypto analyst's support for Ripple in its case against the SEC is an important development that could influence the future direction of XRP and the crypto industry as a whole. With strong arguments and high confidence in the future of XRP, the crypto community continues to monitor developments in this case closely. Ripple, with this support, seems increasingly ready to face existing challenges and continue its innovation in the world of cryptocurrency.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.