Litecoin is “dead”, Ripple is “Security”: Kyle Samani
In a recent Fortune interview, Kyle Samani, who is the Co-founder and Managing Partner of Multicoin – a $75 million cryptocurrency fund, shared some of his views about Litecoin and Ripple. He is of the opinion, “Litecoin has no reason to exist anymore. It was a fork of Bitcoin. It’s just sitting around.”
A news about Ripple, titled “Ethereum and Bitcoin Prices Jump After SEC Official Says Ether is not a Security” stated Ripple is not a Security. Highlighting the ongoing news Samani said, “We don’t know when that news is going to drop… But we have a high conviction that is security.”
Samani stated that being SEC registered is a very difficult thing to do. “Not a single exchange in the world that trades crypto in the world is a SEC registered exchange. If you go to the SEC website and look at SEC certified exchanges, there’s 10 or 12 of them. It's NASDAQ, NYSE, CFTC, the CBOE” he said.
“Being SEC registered takes a long time and is a multi-year process." He said it is a super super difficult thing to do. He emphsized that if SEC labels Ripple as security, everyone will stop trading in Ripple. "If that happens, liquidity is going to dry up," he added.
According to CoinMarketCap, Litecoin is in the sixth position at the moment with a market cap of $4,810,931,128. XRP, on the other hand, is holding the third position and has a market cap of $18,771,374,819.
Image via Shutter Stock
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