Ripple fought to release hundreds of internal SEC documents showing disagreement and a potential conflict of interest in how the agency would regulate cryptocurrencies, danielgkuhn writes. Opinion for The Node newsletter
. Instead of arguing on similar grounds that XRP has “decentralized” over time, Ripple is trying to argue that Hinman’s theory was not grounded in a proper understanding of securities law.
For instance, SEC Director Brett Redfearn, suggested Hinman use stronger language to make it clear that ETH circa 2018 was not a security while others noted that Hinman’s speech would lock the agency into a position if it wanted to take a “different position on ether in the future.” It turns out that that wouldn’t be a problem for Gensler, who seems entirely unconcerned about contradicting earlier views he or his predecessors have held.
There are a few things that point in favor of the idea that the XRP network has decentralized over time. Like any public blockchain, anyone can build using XRP or use the network to transfer assets. In late-2013, Ripple Labs released Ripple’s full code base, which was not always public, theoretically offering tools to the world necessary to maintain the network without the involvement of any specific party.
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