Ben Armstrong, often known as Bitboy Crypto, is a well-known cryptocurrency advocate encouraging cryptocurrency exchanges to re-list XRP.
The influencer stated this in a tweet from yesterday, citing the most recent developments in the case against LBRY filed by the US Securities and Exchange Commission.
As was mentioned in an earlier report, the judge excluded LBRY Credits (LBC) secondary market transactions from his decision in favor of the SEC. This was revealed by attorney John E. Deaton, who was present at the hearing and represented Naomi Brockwell as a friend of the court in support of LBRY. Deaton added that the judge also had the SEC publicly acknowledge that the underlying assets of investment contracts did not qualify as securities.
In a subsequent tweet, the attorney claimed they succeeded in getting the SEC to acknowledge that “Stripped down, XRP is software code.”
According to Bitboy, who recently became an advocate for XRP, U.S. cryptocurrency exchanges should relist the digital currencies in light of the LBRY ruling.
“If any exchanges had even one ball the size of a pea, then they would relish [relist] XRP,” Bitboy wrote. “You don’t have to be brave to say that after the LBRY case, there is now officially legal precedent that the secondary market does not consist of securities. Only the initial sale may.”
The hashtag “relistXRP” is trending on Twitter at the time of writing.
Recall that after the SEC filed charges against Ripple and its executives in December 2020, alleging that XRP represents unregistered security, U.S. crypto exchanges delisted XRP out of concern for legal action. The court has not ruled on the lawsuit after more than two years.
Read more: XRP Pro Lawyer John Deaton Achieves Historic Win Over SEC in LBRY Case
What Does SEC Plan To Do Next?
However, Bitboy’s challenge to American cryptocurrency exchanges comes as the SEC aggressively cracking down on the sector. To resolve the regulator’s complaints, Kraken will pay a $30 million fine and stop offering cryptocurrency staking services to consumers in the United States. It’s noteworthy that the agency asserts that the application is an unregistered security product.
A Wall Street Journal report yesterday alleges that the regulator is preparing to file charges against Paxos, the company responsible for the so-called “Binance USD.” In the report, the SEC accuses Paxos of breaking investor protection laws.
According to unnamed sources familiar with the situation and reported by FOX Business reporter Eleanor Terrett, the regulator and other authorities will take several enforcement measures against cryptocurrency companies in the upcoming weeks. She finds that, as part of a strategy to put the growing market under the SEC’s authority, SEC head Gary Gensler intends to start as many enforcement proceedings as he can before Congress gets underway.
Before January, the SEC had taken enforcement action against Gemini and Genesis Trading.
