An ongoing debate about Ripple's initial XRP sales has sparked a heated discussion between two lawyers, Mark Fagel and John Deaton. Fagel, an ex-SEC enforcement attorney, articulated the point that companies need to follow registered offerings and make appropriate disclosures to investors. Deaton, an advocate for cryptocurrencies, mostly focused on secondary sales. He argued that the SEC's stance that all XRP sales represent an offering of security was too far-reaching, especially in terms of possible future sales.
Fagel highlighted the fact that people are allowed to invest in whatever they want, as long as the company raising money adheres to the applicable laws and regulations. On the other hand, Deaton pointed out that while they could argue that Ripple transgressed Section 5 of the Securities Act, the case of the SEC was not backed up by the law nor was designed to protect investors.
This dispute brings up the question of what decision the court will make and what the impact might be on the cryptocurrency market. Fagel has yet to respond to Deaton’s comments, so for now the discussion remains inconclusive. Nevertheless, this debate can be seen as a representation of the tensions between the cryptocurrency industry and regulators.
Selena Ramirez
- 2023-05-05
Debate on Ripple's XRP Sales Sparks Heated Discussion
Ex-SEC Enforcement Attorney Mark Fagel and Advocate for Cryptocurrencies John Deaton have sparked a debate regarding Ripple's XRP sales. An ongoing discussion relates to registered offerings and appropriate disclosures to investors.
![CandleFocus Ripple-XRP-SEC-MarkFagel-JohnDeaton-SecuritiesAct](https://images.candlefocus.com/Debate-on-Ripples-XRP-Sales-Sparks-Heated-Discussion.jpg)