Ripple Comment from the President of Chia Network!

With the SEC pressure on cryptocurrencies increasing with each passing day, Chia Network’s chairman Gene Hoffman expressed his confidence that Ripple (XRP) will lose in its ongoing legal battle against the US Securities and Exchange Commission (SEC) in a Twitter post.

This view was shared after a Twitter user sarcastically asked Hoffman his thoughts on Chia’s superiority over Bitcoin, in response to Securities and Exchange Commission Chairman Gary Gensler’s implying that all cryptocurrencies other than Bitcoin are securities.

Hoffman responded by stating that Chia’s token XCH is not a security and that the company plans to register Chia equity. Unlike others who choose not to do so, he believes this is the most obvious way to be legal. However, Matt Hamilton, Ripple’s former director of developer relations, pointed out that registering the equity does not prevent the SEC from pursuing Ripple. Hoffman responded to Hamilton by stating that Ripple made a mistake by selling XRP before registering Ripple shares.

Ripple’s former top developer warned Hoffman to follow the Ripple case closely as the SEC tries to argue that secondary market sales could also be securities. However, Hoffman stated that the facts are different and their methods are designed specifically to avoid making the mistake Ripple made. The Chia chairman says he has not had any discussions with the SEC about the token’s regulatory status, but he believes it is not a security.