Is Ripple XRP a security?
Ripple and their native token XRP are in the middle of controversy arising from their recent lawsuit. Several XRP investors are suing Ripple on the premise that Ripple is an unregistered security and was unrightfully distributed and marketed. It is important to note that the SEC has taken a backseat on this issue (for now) and that the suit is purely a civil lawsuit brought on by Ripple investors. Some crypto legal experts believe this court case will take a long time to play out and could possibly last several years before a final verdict. In the mean time the SEC could bring up their own lawsuit versus Ripple or even deem XRP not a security.
Leading Bitcoin Cash Developer Steps Away
Amaury Séchet, a leading Bitcoin Cash developer has stepped away from the Bitcoin Unlimited Project. The main reason for Sechet’s leaving is due to lingering bugs in the code that allowed one developer to crash a majority of Bitcoin Unlimited’s nodes. Sechet claims, “The BUIP process has turned into a sad joke, with proposals more and more absurd being voted on. BU leaders are complacent and, while saying that the attitude of the [Bitcoin Satoshi’s Vision (BSV)] community will cost them developer support, they continue to enable the toxic behavior by supporting BSV.” Essentially, the project has turned from its core values and is being dominated by project leaders who have a majority control of which new updates get implemented. The root cause of disarray within the team came after the Craig Wright pushed to have Bitcoin Cash forked.
Twitch Ditches Bitcoin and Cryptos a payment system.
Twitch has just ditched bitcoin and cryptos as a payment method on its platform. Many believe the reason is due to lack of use and high fees, but accepting cryptos as a payment is an inexpensive method. Rather, it is how cryptos are taxed that make it unfavorable for consumers to spend. In the US cryptos are treated as property and buying, selling, or spending your crypto triggers a taxable event. This means if the price of Bitcoin rose between the time you acquired it and the time you spent it, you owe capital gains tax on the price difference. On a side note, legislatures are looking into cryptos as a payment system and users can expect a change in laws at a future date.