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SEC suit, Coil & web monetisation

Simon Metson
Building https://www.audiotarky.com/ to make a fair, privacy focussed music platform.
・1 min read

With the SEC lawsuit against Ripple, where does that leave Web Monetisation & Coil?

I get that WM is independent (ish) of the digital currency used, but these sort of events do cause reputational issues.

If I understand right, Coil relies on XRP to function (though I assume could use a different currency for exchange?), will the SEC cause problems there? Will the Coil use case be useful for the Ripple case?

Is this also another pointer to the need for other WM providers as called out here, possibly using a different digital currency?

Discussion (10)

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gfam profile image
gFam

As far as I know uphold.com/ have stated that they'll continue to list XRP unless it is specifically deemed a security (twitter.com/JpThieriot/status/1344...)... and I imagine that as long as Uphold works with XRP then WM is unaffected.

It's definitely concerning for us, since each Exchange that delists XRP limits our customers ability to convert their WM earnings into their local currency, so I'd love to get more information on Simon's question too.

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drsm79 profile image
Simon Metson Author

Right, I’m nearing the point of signing up other contributors and am concerned about getting people to buy into something that is going through a rocky patch.

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gfam profile image
gFam

Exactly! We're in the exact same situation...

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radhyr profile image
Radhy

Is this also another pointer to the need for other WM providers as called out here, possibly using a different digital currency?

Most likely yes I think. Even for widely recognizable open source projects like Chromium would have people suspicious of Google of having hidden agendas for taking over the internet. Having under the shade of open source and open standard wouldn't automatically free projects from slanders and rumors, though I sincerely hope WM community doesn't go into that direction after this event.

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chrislarry profile image
Chris Lawrence

At GftW we are investigating and plan on a post soon that updates the community from this program's perspective.

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drsm79 profile image
Simon Metson Author

Hey Chris, any news on this post?

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chrislarry profile image
Chris Lawrence

Simon, the reality is that we do not have more insight or comment beyond what we all can see in the news. The lawsuit and associated actions do not have an impact on the GftW. We have never centered the program as a crypto based initiative but instead as a new open-web standards based technology that is agnostic to currencies participants use. We have never championed one currency type of another.

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chrislarry profile image
Chris Lawrence

Additionally we very much agree that there is need for diversity of WM providers and even in our early grant making we have funded steps towards that. We have made this a key goal of our grant making over the coming years.

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drsm79 profile image
Simon Metson Author

Awesome, that’s perfect. Thanks!

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drsm79 profile image
Simon Metson Author

Thanks, it’s obviously something that’s a big elephant in the room (even if the Ripple case is strong...)