SEC RECONSIDERS, SAYS XRP IS NOW SECURITY OF STELLAR FOUNDATION
Apologizing to blockchain payments company Ripple to begin their press conference Saturday, the U.S. Securities and Exchange Commission (SEC) now claims the cryptocurrency XRP “looks more like a security of the Stellar Foundation,” because of founder Jed McCaleb's massive sales of the asset.
“Jeez, I'm not sure how we missed that one,” said SEC Chairman Gary Gensler to XRP-Productions reporters. “Turns out this Jed guy with Stellar was selling billions of XRP this whole time... BILLIONS! Why the hell are we still going after Ripple?”
Gary Gensler explaining the “huge f*cking score” the SEC just made by switching their focus from Ripple to Jed McCaleb and the Stellar Foundation in their XRP security case.
The news caused confusion in the online XRP and Stellar communities, with many seeking advice from lawyers to see if such a move was even possible.
“It's the SEC,” said Rhode Island attorney John Deaton. “Anything's possible.”