Gatehub, a platform for the Internet of Value, built on XRP Ledger protocol, will keep Ripple's token XRP in listing until the US Securities and Exchange Commission's (SEC) complaint against Ripple "is adjudicated" and XRP is classified as a "security."
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Gatehub says it has never considered XRP to be a "security" under the prevailing "Howey" test in the US.
"Our own business decision to list XRP — and our attempt to build a payments business using XRP on the XRP Ledger — reflects this good faith belief," an official announcement says.
The company believes that if Ripple's senior executives have defrauded individual investors, then they should be subject to appropriate enforcement actions, but not the entire industry. However, the SEC's lawsuit against Ripple suggests otherwise.
In December 2020, the SEC submitted a lawsuit against Ripple, in which it accused the company of unregistered offering of securities. The SEC says Ripple undertook distribution of the XRP tokens without registering offers and sales of XRP with the SEC.
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