Legendary analyst Peter Brandt has announced that he will not shy away from trading Ripple (XRP), even though he thinks the cryptocurrency could be a security. Let’s take a look at Peter Brandt’s important comments together…
Peter Brandt: Ripple is a security but I wouldn’t shy away from trading…
Trader Peter Brandt, who has been trading in the commodity markets for over forty years, still thinks that XRP is an unregistered security. However, the regulatory uncertainty surrounding the Ripple-affiliated cryptocurrency cannot prevent the seasoned analyst from owning it “under the right circumstances.” The analyst explained that he will not avoid trading Ripple (XRP), although he thinks the altcoin could be a security. Long-time Ripple critic Peter Brandt urged the US Securities and Exchange Commission to classify XRP as a security less than two months before the actual lawsuit. Peter Brandt said in his new statement:
Judging by the new SEC Chair, we will face many more challenges of this type. Personally, I think XRP is a security. But that doesn’t stop me from having it under the right conditions.
Furthermore, the analyst accused the company of manipulating the price of the controversial cryptocurrency. The SEC claims that Ripple made a net $1.38 billion through illegal XRP sales and used the proceeds to finance its business. The securities regulator also went after the company’s CEO, Brad Garlinghouse, and former CEO Chris Larsen. Allegedly, Garlinghouse, who once said he was “on the HODL side”, earned $150 million with XRP sales, while Larsen pocketed $450 million with his wife.
Peter Brandt does not believe Ether is a security
In turn, the defendants allege that the SEC has muddied the water with its unclear approach to regulating cryptocurrencies. Ripple is pinning its hopes on the “fair notice” defense as it pressures the agency to hand over documents related to Bitcoin, Ether, and XRP. Despite the important speech by former top SEC official William Hinman, the SEC has yet to take a clear stance on Ether’s regulatory status.
Peter Brandt does not believe that Ether is a security due to its “entirely” different nature. Cryptocoin. com
As we previously reported , Peter Brandt said that Ether is a commodity because its ecosystem is already “established”. SEC Chairman Gary Gensler told The New York Times that both Ether and XRP should be classified as securities.