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Veteran Trader Peter Brandt Gets Bashed by XRP Community, Here's What Happened

Tue, 03/28/2023 - 14:04
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Tomiwabold Olajide
XRP community voiced its disappointment
Veteran Trader Peter Brandt Gets Bashed by XRP Community, Here's What Happened
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Veteran trader Peter Brandt has endured criticism from the XRP community in his most recent tweet. Brandt had tweeted in reaction to a WSJ report citing the CFTC lawsuit slammed on Binance.

On March 27, the U.S. Commodity Futures Trading Commission sued Binance, the world's biggest digital asset exchange, for allegedly allowing U.S. customers to trade on its offshore platform even though it claimed not to.

Brandt commented, "It was just a matter of time before this happened to Binance. Justice is justice. Is Ripple the next domino to topple?"

This caught the attention of the XRP community, who voiced their disappointment as it seemed the veteran trader had not been following the Ripple-SEC lawsuit.

"So you’ve not been following the case and the SEC's unfaithful allegiance to the law," a Twitter user queried. Another user pointed out that Ripple was sued over two years ago and might be the "saving grace" for crypto if it wins.

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Others posted clown emojis in response to Brandt's tweet, while a user asked, "Are you suggesting they will be sued by the CFTC after this 2 year battle with the SEC?"

In December 2020, the U.S. Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple, alleging that the company and its executives sold XRP as an unregistered security.

Among closely watched fintech lawsuits, the Ripple decision is the most high profile, as XRP ranks the sixth largest cryptocurrency by market capitalization.

Last December, Ripple and the SEC submitted their final round of briefs seeking summary judgment. The judge could rule in favor of either side, avoiding a trial, or table the matter before a jury.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.