Since December 2020, Ripple has not rested from negative anticipations of a crash. Instead, the crypto that looked promising from the start began to crumble when the U.S. Securities and Exchange Commission (SEC) sued it.
The accusation was that the company raised more than $1.3 billion illegitimately. As a result, the SEC held co-founder Christian Larsen and CEO Bradley Garlinghouse responsible for the illegal gains.
The trial has already been going on for more than a year. But, surprisingly, on April 14, Ripple CEO Brad Garlinghouse said the fight went very well. Moreover, his statements and results appear to have borne crypto-friendly fruit.
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In recent news, Ripple co-creator Jed McCaleb declared its intentions to stop dumping XRP. McCaleb is also the founder of Stellar and holds at least 5 million Ripple coins at the time of writing.
In the past, McCaleb had already sold most of his 9 billion XRP. He continued to sell his XRP until there were only 5 million left. But recently decided to keep the remaining pieces to secure his family.
The Ripple CTO has jokingly told sources that he will not be selling his XRP coins. Instead, it will hold them as the price of coins increases. According to him, if 1 XRP sells at $589, he will become a rich man. Another piece of news revealed that the CTO has already sold more than half of his remaining 5 million XRP. But after a few days, he bought another 2.8 million coins to top it all off.
McCaleb mentioned that his decision to add to the piece was sudden. However, he revealed that his mind would not rest until he replaced the parts. In his statement, it is possible that his remaining XRP coins will provide the security he needs for his family in the future.
Ripple and SEC legal troubles continue
Amid all of this, the battle between SEC and Ripple is still ongoing. A recent report revealed that the presiding magistrate had denied the solicitor-client privilege requests from the SEC. Instead, Judge Sarah Netburn denied the requests and demanded that every document be released.
The Securities and Exchange Commission insisted on withholding documents of William Hinman’s speech. But the judge refused such an idea, calling the act hypocritical instead. The SEC argues that the document is not relevant to cryptocurrency regulation while implying that Hinman is dependent on advice from the SEC for guidance.
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The document they seek to hide contains where Bill Hinman stated that Ethereum is not a security. These documents and others like them will help Ripple fight against the SEC. That’s why the commission fights to cover it up.
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