$104,623.00
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-0.86%$31.28
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0.66%$6.09
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3.29%$0.106781
5.17%$1.18
0.17%$50.25
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0.00%$32.80
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0.00%$19.24
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1.15%$2,886.44
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1.84%$103,743.00
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1.83%$3,290.85
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-3.53%Reading
Role
CEO at Ripple Labs
Location
San Francisco, California
Education
University of Kansas(BA), Harvard University(MBA)
Current Project
Ripple
Previous Projects
Animoto, Tonic Health, Ancestry.com, Hightail, AOL, Silver Lake, Yahoo
The price of XRP, cryptocurrency tokens that may or may not have been created by Ripple Labs, has lost around 18% today after several reports suggested that the US Securities and Exchange Commission (SEC) is preparing a lawsuit against the company.
At press time, XRP is trading at around $0.455, down 18.28% on the day, according to CoinMarketCap. Just a few hours ago, the token’s price amounted to roughly $0.58.
According to a statement published earlier today by Ripple CEO Brad Garlinghouse, he expects the SEC to sue the company for selling unlicensed securities. At the time, XRP’s market cap stood at roughly $23 billion—it has decreased to $20.7 billion since then.
Today, the SEC voted to attack crypto. Chairman Jay Clayton - in his final act - is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. (1/3) https://t.co/r9bgT9Pcuu
— Brad Garlinghouse (@bgarlinghouse) December 22, 2020
“Today, the SEC voted to attack crypto. Chairman Jay Clayton - in his final act - is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH,” wrote Garlinghouse, adding, “The SEC [...] should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China).”
He concluded that Ripple is “ready to fight” and “this battle is just beginning.”
Those standing by for an answer to the question of whether Ripple’s XRP cryptocurrency qualifies as a security under US federal law will have to wait a while longer. Ripple is in the midst of fighting a class-action lawsuit waged by scorned investors who allege that XRP was sold as an “unregistered security” and are therefore entitled to compensation, as well as a refund of their investment. Ripple lobbed a motion to dismiss the lawsuit in August, according to court documents filed to a Californ...
The SEC’s main issue with XRP reportedly lies with the token’s nature itself. While the regulator previously stated that cryptocurrencies such as Bitcoin or Ethereum are not securities, it didn’t rule out the rest of the market.
In the past, the regulator has already gone after several high-profile token projects on this premise. In April, the SEC’s lawsuit ultimately derailed Telegram Open Network by alleging that it’s $1.7 billion token sale was illegal. In October, cryptocurrency project Kin got a bit luckier and got away with “just” a civil fine of $5 million. But an ongoing lawsuit itself could be even more damaging.
Méliuz sent its shares tumbling over 8% Friday after the Brazilian fintech announced a primary share offering aimed at raising up to 450 million reais ($78.6 million) to buy more Bitcoin. The cashback and coupon company, which trades on Brazil's B3 exchange under the ticker CASH3, initially plans to offer 17 million common shares to raise 150 million reais ($26.2 million). The company even left room to expand the offering by up to 200%, potentially tripling the amount if demand materializes. The...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: GameStop sinks after buying a boatload of Bitcoin, BlackRock's Bitcoin ETF continues flying high, and Metaplanet makes a potentially risky sprint to amass a lot of BTC very quickly. GameStop Bitcoin flop GameStop found out this week that sinking half a billion dollars into Bitcoin isn’t universally flattering for share prices. The video game retailer spent $512 million on Bitcoin earlier...
Optimistic traders betting on future crypto gains have been largely burned over the last day, with liquidations on crypto positions surging above the $800 million mark over the past 24 hours as prices decline. More than $827 million worth of bets have been liquidated during that span, per data from CoinGlass, with long positions making the vast majority of the bunch at $747 million worth. Bitcoin is the biggest single source of pain for traders, making up $222 million worth of soured bets, with...
