Pantera CEO Calls Ripple Victory A Black Swan, But Is It Bad?
August 24 2023 - 05:45AM
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A recent release suggests that Pantera CEO Dan Morehead may have
predicted the impact of a Ripple victory long before it
occurred. Ripple Victory: A “Positive Black Swan”
Speaking at the Bloomberg Invest Panel, held back in June, Morehead
was quizzed about what “black swans” the world should expect next,
considering that we had just recently experienced a pandemic,
complete shutdown, and financial crisis due to the pandemic.
Morehead responded and stated that we already had the “massive
shoes drop last year,” most likely in reference to the events
surrounding the collapse of prominent crypto firms like FTX, Three
Arrows Capital (3AC), Terra, and BlockFi. Related Reading:
Shiba Inu Team Will Start Implementing ShibPaper, What does This
Mean? However, while Morehead believed the worst had happened, he
noted that the regulatory clarity was something that no one in the
crypto community was expecting but could happen soon. He
stated how that could happen and highlighted the three-year ongoing
lawsuit between the SEC and Ripple Labs as one of the ways.
Considering that “black swan” had been used earlier as a metaphor
for disastrous events like the pandemic, Morehead quickly labeled a
potential Ripple victory as a “positive black swan.” He emphasized
that this could be the next ‘shoe to drop’ and could positively
impact the crypto industry. Interestingly, when Morehead made these
comments, he had no idea of the impending victory for Ripple, as he
stated that a ruling could go in favor of either party. About a
month later, Judge Analisa Torres ruled in favor of Ripple and said
that its secondary XRP sales didn’t constitute an investment
contract, nor were programmatic XRP sales classified as a
security. As predicted by Morehead, Ripple’s victory has
undoubtedly had immense impacts on XRP and the crypto community in
general. XRP price holds steady above $0.5 | Source: XRPUSD
on Tradingview.com Has Ripple’s Victory Provided Regulatory
Clarity? Morehead had predicted that Ripple’s victory would be one
of the ways in which the crypto industry attains regulatory
clarity. While this may have not yet been attained, it is obvious
that Judge Torres’ ruling has provided some form of guidance,
especially to firms like Binance and Coinbase. The SEC sued
both crypto exchanges in June for allegedly offering unregistered
securities on their platforms. Additionally, the regulator also
tagged tokens like SOL, ADA, MATIC, ATOM, and ALGO as
securities. Related Reading: The $20 Billion Delay: Appeal
Court Pushes Back Decision On Grayscale Spot Bitcoin ETF As such,
Ripple’s case provides a precedent for these firms to cite when
putting forward their arguments in court. The SEC recognizes the
impact that Judge Torres’ ruling could have against it as it
continues to clamp down on the crypto industry, and that is why it
moved to file an interlocutory appeal against the ruling.
However, some experts have predicted that the SEC will likely lose
when the case is heard upon appeal. Featured image from iStock,
chart from Tradingview.com
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