Gemini co-founder Slams Trolls as Ripple(XRP) Security Question Lingers

Published May 5, 2020 | Updated May 5, 2020

Image Courtesy of Reuters/Lucas Jackson

Gemini co-founder Slams Trolls as Ripple(XRP) Security Question Lingers

Gemini lists among other coins Litecoin, BAT, Ethereum, and Bitcoin. Not XRP. One of the most liquid coins and the third in the market cap leader board.

It rubs supporters the wrong way considering the way one supporter tagged the US Securities and Exchange Commission (SEC) and the two co-founders while complaining that the compliant exchange hadn’t listed the coin yet they were busy supporting other low market cap altcoins.

Today, Gemini announced that they will list BAT, an ERC-20 token that is the native currency of the Brave Browser.

In response to this, a Twitter user expressed his dissatisfaction stating:

“Dear SEC Enforcement. That Gemini crypto exchange (owned by Winklevoss and Tyler Winklevoss) refuses to list the third-ranked crypto XRP, despite adding many low-cap coins, is not representative of the true crypto market, and amounts to CLEAR market manipulation.”

By tagging the US SEC, a leading regulator tasked with overseeing securities, Tyler Winklevoss responded that his attacked was actually injurious not to the exchange, whom the supporter claimed was manipulating the market, but to XRP, a coin that some critics assert is a security and should be overseen by the SEC.

In a tweet, Tyler, who is also the co-founder of the overly compliant New York based cryptocurrency exchange, said:

“Newsflash: The SEC already has jurisdiction over cryptos that are SECURITIES. Maybe you should take a free consultation with My Cousin Vinny to bone up on your crypto regulatory knowledge.”

Regulation is an important aspect in cryptocurrencies of which XRP features prominently.

Given the decentralized nature of the issuing blockchain, these digital assets are often censorship resistant and can’t be effectively regulated in one jurisdiction.

It takes the effort of several countries or a block to formulate rules. Because of this, there are XRP derivatives product in Switzerland where an ETP is available while in the United States, Ripple, the majority owner of XRP, is struggling with a class action suit where plaintiffs are suing. Brad Garlinghouse, the CEO, is listed as a defendant.

Should the US SEC classify XRP as a security, its value may plunge consequently throwing the markets to chaos. Perhaps apprehensive, Gemini is not throwing caution to the wind and are yet to list the coin until after there is regulatory clarity.

For now, supporters assert that Ripple has been working with regulators all along and the “security” talk is nothing more than FUD.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dalmas Ngetich 335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
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