Editor's Note: This article comes fromGolden Finance, reprinted by Odaily with authorization.
Editor's Note: This article comes fromGolden FinanceGolden Finance
, reprinted by Odaily with authorization.
This morning, the U.S. SEC plans to sue Ripple, accusing it of violating investor protection laws by selling XRP. according to
Huobi Global
In response, Ripple said it would defend itself against a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The company was notified by the SEC on Monday that the regulator plans to sue the company, CEO Brad Garlinghouse and co-founder Chris Larsen in federal civil court soon. It is reported that the lawsuit revolves around the SEC registration of the digital asset XRP launched by the company in 2012. The registration involves disclosing the company's business model, risks and financial situation to the SEC and the public.bitcoinBrad Garlinghouse said the SEC was "wrong both legally and factually."
After the news was released, many people in the industry commented. Yoshitaka Kitao, president of Japanese financial giant SBI Holdings, which invested in Ripple, tweeted today: "The Japan Financial Services Agency has made it clear that XRP is not a security. My final ruling on Ripple's presence in the United States." Optimistic that China has the upper hand. SBI Holdings remains a steadfast partner for Ripple and looks forward to expanding together in Asia."
Vitalik, the founder of Ethereum, said on Twitter that it seems that the Ripple/XRP team is regressing to a new level of unfamiliarity. They claim that, for public policy reasons, their shitcoin should not be called a security because
bitcoin
and Ethereum have "central autonomy".
Regarding Ripple CEO Brad Garlinghouse's claim that the SEC initiated a lawsuit against him because the U.S. government and regulators cannot accept innovation, Blockstream Chief Strategy Officer Samson Mow said that Ripple and XRP do not have any "encryption" or innovation.
Previously, there were many large-value transfers in Ripple, which sparked discussions. But what is relevant is Jed McCaleb, the co-founder and former chief technology officer of Ripple. According to previous reports from Jinse Finance:
Monitoring data on December 7 showed that Ripple co-founder and former chief technology officer Jed McCaleb sold another 29,571,546.74 XRPs, worth about $17.87 million. On December 6th, Jed McCaleb had already sold an equal amount of XRP from his wallet address.
According to previous news, Jed McCaleb obtained 9 billion XRP shortly after he participated in the creation of Ripple, but was forced to sign an agreement with Ripple Labs through legal proceedings so that he could not sell all his XRP at once. . The specific share of its selling XRP initially depends on the legal currency limit, and according to the settlement agreement in February 2016, the specific share of its selling XRP depends on the global trading volume of XRP. After the settlement, McCaleb will be able to sell 1.5% of XRP’s global trading volume per day. Since then, Jed McCaleb has been cashing out his XRP holdings in batches. Recently, when the price of XRP soared to $0.6, Jed McCaleb has been cashing out a large share of XRP.
On December 7, according to XRPL Monitor data, in the past 24 hours, Ripple and several major encryption exchanges transferred a large amount of XRP. Some of them are ODL trading platforms. The largest transactions among these entities were done by Ripple (21 million XRP), Bithumb (Korean largest exchange and ODL platform, 60 million XRP) and Bitstamp (European ODL corridor, 49.3 million XRP). Another 40 million XRP were received by Bitstamp from an anonymous wallet. Other platforms involved in these transactions include Bitbank, Binance, Coincheck and Kraken.
But XRP did not stop moving after December 7.
On December 9, Beijing time, according to Whale Alert data, 266,305,310 XRPs were transferred from Jed McCaleb’s Settlement to Jed McCaleb’s wallet, worth about $148 million. This transfer is either a regular transfer pursuant to an agreement between McCaleb and Ripple.
And at 02:26 on December 11, Beijing time, there were two more transfers of 325 million XRP from Ripple to Uphold exchange, worth about 188 million US dollars.
