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Flare Networks CEO clarifies the role of Ripple in the progress of his product, thinks the SEC lawsuit has no impact

Hugo Philion, CEO and co-founder of Flare Networks, clarifies the role of Ripple in the progress of his product.

CEO of Flare Networks, took to Twitter to debunk around Flare mainnet launch

Accordingly, there is an ironic link about when Flare will release the mainnet, it describes the most accurate timeline for Flare’s mainnet release in one word: “Soon”.

flare-networks-ceo-clarifies-the-role-of-ripple-in-the-progress-of-his-product1Source: Wenflare.cc

And after sharing this link, Philion shared the link with the tweet, “Well I love this”. Before this act of him, an XRP Army was Seattle’s BESTXRPHODL! tweeted that the delay of the recent Flare mainnet release was controlled by Ripple.

flare-networks-ceo-clarifies-the-role-of-ripple-in-the-progress-of-his-product

As a result, it is solely Ripple that is in charge of the inception of Flare’s mainnet operations:

“It happens when Ripple says it happens.”

Philion dismissed this statement and emphasized that while Ripple is a partner of Flare Networks, the digital payments giant can in no way affect Flare’s critical milestones.

“I can’t emphasize this strongly enough, whilst Ripple is a valued partner and supporter they are a minority investor in Flare and do not dictate anything at Flare whatsoever”, Philion tweeted.

Prior to that, the community-managed Twitter account of Flare enthusiasts dismissed the popular bearish narrative that insists that Flare and its Spark (FLR) token would be somehow affected by Ripple/XRP’s legal conflict with the U.S. SEC. Meanwhile, the Flare community announced that FLR and XRP are separate things, so Flare Network will not be affected by Ripple’s legal issues.

In a viral tweet, the user shared a screenshot of the SEC’s response, which indicated that as of October 2020, the regulator hadn’t issued a determination on the crypto’s status as a security. Two months later, the SEC filed a lawsuit alleging Ripple offered XRP as an unregistered security.

As AZCoin News reported, Ripple is now citing Frank’s SEC email exchange in a court filing. The San Francisco company is using the letter in regard to statements made by William Hinman, the former director of the SEC’s Division of Corporate Finance, who says he told a Ripple official that he viewed XRP as an unregistered security.

After an 8% daily drop, XRP broke below the ascending channel and hit as low as $1.10. XRP has bottomed out at key support, but will it hold? At press time, XRP is changing hands at $1.15, recorded a 5% drop in the last 24 hours.

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