![]() Brad Garlinghouse, CEO /TFzAKrnObR- XRP_Cro February 27, 2021 We will aggressively fight – and prove our case." That’s how confident Chris and I are that we are right. We could do that, and it would all be behind us. "Chris and I had the option to settle separately. The rest of the cryptosphere needs to keep and eye on the possible outcome of Ripple’s case as it could indicate how regulators will look at the cryptocurrency industry in the future. In his defense, both in 20 the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a virtual currency. Ripple and its top executives are being sued by the SEC which alleged that they illegally sold a security (XRP) and made profits of over $1 billion.īrad Garlinghouse has however maintained his position that XRP is not a security. ![]() "Ripple CEO Brad Garlinghouse has provided two key arguments for the SEC to dismiss its complaint against his company." #Ripple $XRP #XRPCommunity - Kevin Cage March 5, 2021Īnd XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities.” Ripple CEO Gives Two Reasons to Dismiss SEC Lawsuit Garlinghouse’s sales pooled with other buyers in a common enterprise. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. By bringing a massive enforcement case, the SEC acknowledges they didn’t “determine” anything, but the crypto markets - under pressure - interpreted the filing as such, causing massive damage to retail holders. This is why regulation by enforcement wreaks such havoc. Ripple Labs has hired a boatload of law firms and where we expected about a month ago still that Ripple Labs and the SEC could settle the suit, it now looks like the crypto firm’s lawyers want a complete dismissal altogether. The New York state attorney then settled with Tether and slapped them with an 18.5 million fine, which is less than what they make in a week as a company. Allow us to recall: Tether simply bullied the New York state attorney into backing off by burying the latter in 2 million documents. As the deal came to completion, Ripple now owns under 10 percent of MoneyGram’s outstanding common stock and almost 15% “on a fully-diluted basis including non-voting warrants.Looks like Ripple is going to take a page out of Tether’s playbook in its lawsuit against the SEC. Recently, Ripple made its final payment to MoneyGram and bought $20 million of its equity at a price of $4.10 per share. “This network momentum drove 10x year-over-year growth in transactions across the network and more banks and payment providers using XRP to source liquidity on demand than ever before.” After partnering with MoneyGram, Ripple noted its customer reach increasing to 45 countries and 6 continents, with payout capabilities in almost 70 countries. With Ripple leading the charge of XRP adoption and partnering with financial institutions, RippleNet reached to over 300 customers around the world. With $200 million funding, Ripple is expected to expedite the company’s “on-boarding of new global talent to meet the market demands” and to better its services.Ģ019 has been an important year for Ripple and XRP. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” “We are in a strong financial position to execute against our vision. Ripple’s CEO, Brad Garlinghouse commented on the investment: According to the blog post published by Ripple, the two companies have helped Ripple’s business to grow globally. SBI Holdings’ partnership with Ripple has been cemented through its venture, ‘SBI Ripple Asia’ to fuel ODL payments across the continent. This investment set a record for the company and affirmed the value of blockchain in improving global payments. Ripple announced raising $200 million Series C funding, led by Tetragon with participation from SBI Holdings and Route 66 Ventures.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |