There are no meeting on the 7thIll , Is this fake news | The Wall Street Journal

The Wall Street Journal article cited above by the OP appears accurate. The FUD and FOMO that tomorrow there will be an important announcement on new regulations is what I think is inaccurate. Tomorrow is not a "hearing" and nothing definite or binding will come from the working group meeting between these two agencies, scheduled for Monday, 7th May. Both my wife and I are lawyers, she is a law professor, I am a litigator and between us we have 65 years of legal experience. We have both reviewed the upcoming agendas of the SEC and CFTC and we can find no reference to any 'tearing" relating to crypto which takes place on May 7th. What is happening on May 7th is, what I can best describe as: an informal review or dialogue by a working group from both agencies, whose legal mandates overlap on the subject matter of this new legal and technological precedent, crypt, and how it fits under the law and regulations. Because the meeting tomorrow is not a hearing, where interested parties have notice and opportunity to present their positions, the joint meeting of these two agencies will not have any determinant or binding effect on rule-making concerning crypt°. Late, if there are formal hearings, during which we as XRP investors have a right to be heard, then, the SEC or CFTC, at that later time can promulgate rules pertaining to digital assets or crypto currencies. Even then it is not over, thereafter, we can challenge those rules in the United States Courts. We also can lobby our Congressmen or Senators to pass favorable legislation. If there is an attempt to enforce existing securities laws, rules or regulations as requiring XRP be registered as a security, that decision can be litigated in the courts too.

Interestingly, the controversial Mr Gary Gensle, former CFTC chairman under Obama, states in the article there is no "legal precedent" which fits digital assets neatly under a regulatory framework. I think we can assume that these agencies will move slowly and will keep their word about restraint in dealing with crypto. Obviously, we all have a concern how XRP be treated under any definition of securities. It appears from the article the meeting's focus is on ICOs and the Ethereum Foundation. My opinion is that the existing criteria for determining Eth as a security fit better for Eth than they do XRP . This is so because the issuer of Eth raised funds to finance the enitity's start-up operations from the sale of Eth. This is not the case with XRP. Before there can be any determination of rules or regulations, XRP owners will have a right to weigh-in with our positions at a formal hearing.. That includes XRP investors, exchanges and Ripple because we all have property rights in XRP, and property ownership rights require the government observe and respect our rights by giving us due process and a right to be heard concerning any executive agency action which may be taken which might affect our property rights..

From what I know, Ripple has securities professionals like Mr Lawsky on their board, who know and can intervene with the participants in these inter-agency meetings. From what I have discerned of the corporate capabilities of the Ethereum Foundation, it does not have the same level of resources Ripple has.

LordVetinari said:

It's not some POS crypto blog. Contact the authors. Their contact information is linked in the article. I would suggest not asking, "There are no meeting on the 7thIll, Is this fake news," You might try„ "1 read about an upcoming inquiry in the article and was hoping you might have more information about the specific date/time/etc this will be taking place? Will you be doing a follow up piece?"