Bitboy Crypto Says Exchanges Even With “One Ball Size of Pea” Should Relist XRP

The challenge follows the clarifications in the U.S. SEC case against LBRY.

Prominent cryptocurrency influencer Ben Armstrong, AKA Bitboy Crypto, has challenged cryptocurrency exchanges to relist XRP.

The influencer did this in a tweet yesterday, citing the latest developments in the United States Securities and Exchange Commission case against LBRY.

As highlighted in a previous report, Attorney John E. Deaton, who was present at the hearing representing Naomi Brockwell as a friend of the court in support of LBRY, disclosed that the judge exempted secondary market sales of LBRY Credits (LBC) from his ruling in favor of the SEC. In addition, Deaton said the judge compelled the SEC to admit on the record that the underlying assets of investment contracts did not constitute securities.

According to the attorney in a recent tweet, they forced the SEC to admit that “Stripped down, XRP is software code.”

Consequently, Bitboy, who has recently pitched his tent in the XRP camp, has challenged U.S. crypto exchanges to relist the crypto assets citing the LBRY case as a favorable precedent.

“If any exchanges had even one ball the size of a pea, then they would relish [relist] XRP,” Bitboy wrote. “You don’t have to be brave to say that after the LBRY case there is now official legal precedent that the secondary market does not consist of securities. Only the initial sale may.”

If any exchanges had even one ball the size of a pea, then they would relish $XRP

You don’t have to be brave to say that after the $LBRY case there is now official legal precedent that the secondary market does not consist of securities. Only the initial sale may.

— Bitboy Crypto (@Bitboy_Crypto) February 12, 2023

At press time, the hashtag “relistXRP” is trending on Twitter.

Recall that U.S. crypto exchanges delisted XRP in fear of litigation after the SEC filed charges against Ripple and its executives in December 2020, claiming XRP represents an unregistered security. After over two years, the lawsuit awaits a court decision.

Is The SEC Out for Blood?

Meanwhile, Bitboy’s challenge to U.S. crypto exchanges comes as the SEC appears to be on a crypto enforcement tear. As highlighted in a previous report, Kraken will pay a $30 million fine and halt its crypto staking program for customers in the U.S. to settle charges from the regulator. Notably, the agency claims that the program represents an unregistered security offering.

At the same time, a Wall Street Journal report from yesterday says that the regulator is preparing to file charges against Paxos, issuers of the so-called “Binance USD.” The SEC accuses Paxos of violating investor protection laws, per the report.

FOX Business reporter Eleanor Terrett has said that the regulator and other agencies will launch a slew of enforcement actions against crypto companies in the coming weeks, citing unnamed sources familiar with the matter. According to her findings, SEC chair Gary Gensler plans to launch as many enforcement actions as possible before Congress gains its footing as part of a plan to bring the emerging market under the SEC’s control.

and entities that mint tokens in an attempt to label the majority of them as securities. I'm told Gensler's strategy is to bring as many enforcement actions as possible while the 118th Congress is still getting its bearings.

— Eleanor Terrett (@EleanorTerrett) February 9, 2023

Before these, the SEC took enforcement action against Gemini and Genesis Trading in January.