SEC is an abbreviation for the Securities and Exchange Commission. It’s a US federal regulatory body responsible for regulating stock, investment and capital markets while also affording the orderly daily conduct of these markets. As the title and brief implies, it is a powerful and very well-resourced agency and when it decides to take action, it can have very serious consequences. Ripple (XRP) is on the receiving end of an SEC action and the consequences of that could prove to be a big boost to other crypto projects
The executives allegedly held an initial public offering (IPO) of XRP, which was an unregistered securities offering at the time of raising cash, according to the SEC. According to the complaint, Ripple raised money by selling XRP tokens to investors in the United States and around the world in unregistered security offerings. Ripple also offers non-cash services like market-making and labor in exchange for billions of XRP.
According to the lawsuit, Chris Larsen, Ripple Lab's co-founder, former CEO and Brad Garlinghouse, Ripple's current CEO, were involved in personal unregistered XRP transactions totaling approximately $600 million, as well as structuring and marketing the XRP sales used to support the company's business. Furthermore, the defendants violated the federal securities laws' registration limits by failing to register their XRP offers and sales or meeting any exception from registration.
According to legal experts, the court’s rulings in the case so far seem to have favored Ripple. But the case is ongoing and it remains to be seen whether the SEC complaint will ultimately be dismissed or upheld. However, the mere risk of the SEC succeeding has scared away a lot of Ripple’s investors, especially those living in the USA.
Chronoly.io is a decentralised blockchain marketplace that offers its investors NFTs which are actually backed by real-world items. Investors can trade small fractions of the NFTs for as little as $10 or opt to purchase the whole NFT and redeem the physical devices out of the Chronoly vault. Whilst we have experienced a recent bear market across the board, Chronoly.io has nonetheless experienced a successful presale with its native token(CRNO) increasing from $0.01 to $0.05 over the last 6 weeks.
Since the opening of the presale in early May 2022, 150 million coins have been sold to over 2,250 investors and they have a telegram channel with over 2,500 subscribers.
As well as growing investor interest and an excellent ROI in just the presale phase, Chronoly members can also get discounts on their trading fees, the facility to stake their coins, earn passive income and the right to participate in a monthly lottery organized by Chronoly which will result in some very lucky member winning an actual, real investment-grade watch..