Ripple Supporters Optimistic Following DOJ’s Pronouncement of New “Commodities” Cryptocurrencies
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XRP proponents are looking for every advantage that Ripple might have over the SEC as the SEC vs. Ripple case continues into the new year in the hopes that it might increase Ripple’s chances of winning the case.
The US Department of Justice just stated that two cryptocurrency tokens are “commodities,” which is good news for XRP enthusiasts. Community members are encouraged by the comments because they see the statement as a reliable point of reference for Ripple’s attorneys in the continuing case.
In a recent court filing against Avraham Eisenberg, it can be observed that the US DOJ has classified two cryptocurrencies, CRV and MNGO, as commodities.
After being detained on December 28 in Puerto Rico, Avraham Eisenberg, who is accused of participating in the hacking of the decentralized exchange website Mango Markets, was recently charged with market manipulation.
The lawsuit against Eisenberg was filed in the same court where the SEC vs. Ripple case is presently being heard. Eisenberg is accused of making off with more than $50 million from the hack.
Critics Say Ripple Not Fit to Be Classified Under Commodities
The DoJ refers to CRV and MNGO in various parts of the file as commodities. Supporters of Ripple have expressed excitement about this, speculating that if the DoJ can classify these other crypto assets as commodities, then perhaps Ripple’s XRP will also be classified as a commodity and not a security.
These statements, however, have been refuted by some well-known personalities in the bitcoin sector, demonstrating the disparity in the DOJ’s circumstances.
Gabriel Shapiro, general counsel at Delphi Labs, was one of these individuals. According to Shapiro, neither cryptocurrency’s designation is favorable to XRP or cryptocurrencies in general.
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