The Founder of Prometheum Predicts SEC Victory in Ripple Lawsuit: Will XRP Price Soar?

Abstract:

• Prometheum’s Aaron Kaplan draws parallels between the Ripple vs. SEC case and LBRY vs. SEC and concludes that the SEC will prevail in this case as well.
• Members of the Ripple community and Attorney John Deaton have called SEC’s argument “erroneous” and questioned his expertise on the matter.

Both Ripple and the SEC are prepared to defend their positions until the case is decided. The court recently ordered the release of a lecture given by William Hinman, the former director of the US Securities and Exchange Commission (SEC), in 2018. Aaron Kaplan, founder and CEO of crypto trading firm Prometheum, disagrees with the optimism of the Ripple community.

Kaplan claims that the SEC has the upper hand against Ripple. He claims that the case is very similar to LBRY Credits, another decentralized blockchain platform for content distribution, which was “dragged” into court by the SEC in March of 2021.

The main claim is that the corporation broke the law by selling LBC tokens without first registering them as securities. The court sided with the Commission in that case. CEO of LBRY Jeremy Kauffman called the judgement a “huge threat to the entire crypto ecosystem” since it establishes a precedent for labeling all cryptocurrencies as securities.

Concord, New Hampshire’s U.S. District Judge Paul Barbadoro issued the following ruling: According to the author, “nothing in the case law suggests that a token with both consumptive and speculative uses cannot be sold as an investment contract.”

Kaplan argues that this shows that the two cases are connected by a common set of facts and possible outcomes. Everything points to a verdict in favor of the SEC, thus I expect that they will prevail in this case.

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The Impact of Kaplan’s Forecast on the Ripple Community

The Ripple community, which has maintained its position that the SEC has no valid complaint against the blockchain business, did not take Kaplan’s prediction lightly. One member of the XRP community has said that Kaplan was biased in his comment because he failed to acknowledge any differences between the two groups.

As the user put it:

Do I imagining things, or does. The CEO of @PrometheumInc, Aaron Kaplan, is a walking, talking example of everything that is wrong with the modern business world.

Generally speaking, Kaplan is on the side of the SEC and their regulatory strategy. On June 13, during a hearing before the House Financial Services Committee, he endorsed Gary Gensler’s regulatory objectives as chair of the Securities and Exchange Commission. Kaplan spoke as a witness during a House Committee on Financial Services hearing that examined various methods for regulating digital assets. His remark on the Ripple vs. SEC case, as well as his apparent agreement with the SEC’s rulings against the cryptocurrency industry, have been attributed to his close ties to the regulators.

Despite the stringent enforcement efforts against the Industry, his Prometheum was the first to receive approval as a Special Purpose Broker-Dealer (SPBD) for digital asset securities. The Blockchain Association has therefore submitted a Freedom of Information Act (FOIA) request to the SEC in an effort to obtain details regarding Prometheum.

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