Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple Touts UK’s Classification of XRP As Exchange Token and Not a Security, Calls for Increased Crypto Clarity

by Daily Hodl Staff
September 29, 2019
in Ripple and XRP
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

‎‎‎ ‏‏‎

ADVERTISEMENT

Ripple says it’s time for regulators around the world to update and offer clear guidance for digital assets.

In a new blog post, Ripple highlights a document from the UK Financial Conduct Authority that classifies XRP as an exchange token, not a security.

On July 31st, the FCA published its final guidance defining which crypto asset activities it regulates. An accompanying press release from the FCA lists XRP alongside Bitcoin and Ethereum as digital assets that the agency has declared are exchange tokens, which fall outside of the authority’s “regulatory perimeter.”

Says Ripple,

“Specifically, the FCA classifies digital assets as one of three types of tokens: exchange, utility and security. These classifications are critical because they define the use cases for each type of token. For example, XRP is classified as an exchange token because of its role in facilitating cross border transactions.

By issuing these classifications, the FCA makes it clear to companies which digital assets fall inside its ‘regulatory perimeter.’ Put another way, the FCA has demonstrated which types of tokens will be regulated as securities and which will not. The FCA has also made the framework flexible to account for evolutions in technology because it acknowledges that digital assets can move between classifications over time.”

ADVERTISEMENT

Ripple is calling on the US and other countries to lead the way and offer businesses simple and direct regulatory guidance.

“So just as the U.S. helped lead on Internet regulations, the U.K. is taking important first steps to regulate digital assets and blockchain. There are a number of other countries around the world that have already proven friendly to blockchain technology – including Switzerland, Abu Dhabi, Thailand and Singapore – and many more that might take important cues from the FCA and co-learn their own regulations.

Countries that take the lead on these frameworks will be better positioned to attract capital, companies and jobs – particularly since blockchain technology is here to stay. Regions that have unclear guidelines should establish their own frameworks to remain competitive and avoid losing companies to better regulated markets.”

XRP’s stateside classification could have legal ramifications for Ripple as the company continues to battle a US-based lawsuit claiming it illegally sold XRP as an unregistered security.

Ripple recently filed a motion to dismiss the suit on technical grounds, stating that the plaintiff, Bradley Sostack, who filed his case in early 2018, waited too long.

The motion argues that the statute of repose required him to make his case within three years of the initial offering in 2013.

ADVERTISEMENT
Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
  • Here’s How Traders Are Staking Crypto Assets Without the Hassle
    February 18, 2021
  • 99Bitcoins Takes Over the Dead Coins Project to Become the Cryptocurrency Undertaker
    February 17, 2021
  • Coinsbee Makes Spending Bitcoin Easy
    February 17, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$51,445.00
$51,445.00
3.8%
Ethereum
$1,649.19
$1,649.19
0.11%
Binance Coin
$258.17
$258.17
0.07%
Polkadot
$34.56
$34.56
1.52%
Cardano
$1.07
$1.07
3.77%
XRP
$0.473794
$0.473794
0.22%
ADVERTISEMENT

Spotlight

  • SEC’s Case Against Ripple and XRP Is Dead Wrong Legally and Factually, Says Former Chair Mary Jo White
    February 20, 2021
  • Blockstream CEO Says Institutional Investors Buying the Dip After Square’s $170,000,000 Bitcoin Purchase
    February 24, 2021
  • IMF Says Central Bank Currency Will Face Pressures in the Digital Age
    February 21, 2021
  • Bitcoin Is the Only Life Raft To Escape Poverty Trap, Says Macro Guru Raoul Pal
    February 19, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.