Veteran trader and map analyst Peter Brandt is the latest figure in the cryptocurrency community to challenge the regulatory position of XRP.

According to the chart, XRP – the fourth largest cryptocurrency at the time of publication – is a security, which means the currency will be subject to regulation by the US Securities and Exchange Commission.

“XRP will be announced as security if the SEC understands what cryptocurrencies are,” Brandt said in a tweet on November 10.

Brandt’s comments came in response to a statement from Twitter user Rexiby crypto, who claimed that “XRP owns roughly half of all coins in circulation”. Brandt said the XRP is “a classic case of poucher manipulation of the market.”

Mark’s comments appear to be related to the Q3 2020 market report from Ripple, one of the most important companies associated with XRP. A report released on November 5 stated that Ripple was actively acquiring XRP and bought the coin for nearly $ 46 million in the third quarter of 2020. Company executives stressed that Ripple is “buying – and possibly continuing to buy – XRP to support healthy markets.” “. … ”

While Ripple struggles to differentiate from XRP, the company still owns a large chunk of the coin. Ripple owned 60 billion XRP in July 2018, of which 55 billion were in escrow accounts, according to official figures. The company is said to own more than half of the total XRP.

The long-standing regulatory uncertainty surrounding XRP has escalated into multiple lawsuits alleging XRP as an unrecorded value. Although the SEC was first admitted in 2018, it hasn’t given a firm stand on the issue yet.

The Ripple Corporation itself wants to move overseas because US laws are alleged to threaten companies. In late October, SBI Holdings, Ripple’s sponsor and chief technology partner, said Japan was the country most likely to move to Ripple if it left the United States.

In August 2020, US spokesperson Tom Emir (R-MN) stated that XRP is not safe, but he did not provide much explanation.

Source: CoinTelegraph