Bitwise Pulls XRP from Its Crypto Fund Amid SEC Probe
Last Updated: 24 December 2020
Ripple Labs’ troubles have compounded following the probe from the U.S Securities and Exchange Commission (SEC). With the industry watching closely to see the case’s outcome, some firms have preemptively cut ties with the company and its token, XRP.
Bitwise Cuts Bait
This week, Bitwise Asset Management, one of the crypto industry’s top asset management firms, announced that it had liquidated all shares of its Bitwise 10 Crypto Index Fund. In a press release, the investment firm explained that it had divested itself of its XRP holdings, in line with its policy of not investing in assets that could be deemed securities under federal laws.
Bitwise 10 Crypto Index Liquidates Its Position in XRP, OSL Suspends XRP Services
Dec 24 2020 · 12:45 UTC by Mercy Tukiya Mutanya · 3 min read
Photo: Depositphotos
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Digital assets manager Bitwise has liquidated $9.3 million worth of XRP and reinvested in other assets. Hong Kong’s OSL has suspended the asset from its platform. This is done in response to SEC’s lawsuit against Ripple Inc.
The US Securities and Exchange Commission (SEC) on Tuesday filed a lawsuit against Ripple Labs and CEO Brad Garlinghouse and Chairman Chris Larsen. The SEC contends that Ripple Labs was in violation of federal securities laws for selling the digital asset XRP to retail clients. According to the suit, Ripple has made $1.3B over a period of 7 years from selling XRP. All this has resulted in new measures regarding XRP introduced by different platforms, such as Bitwise.
December 23, 2020, 5:30PM EST
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1 min read
The White House has released a statement on regulatory considerations for stablecoins and it includes the potential for limitations on multi-currency stablecoins.
The statement comes from the President s Working Group on Financial Markets, which is a Treasury-centric working group that makes recommendations to the president and federal regulators.
The group highlighted the importance of anti-money laundering and counter financial terrorism measures, including on-chain know-your-customer (KYC) verification among all parties, even unhosted wallets. This comes after the Financial Crimes Enforcement Network unveiled a proposed rule that would also create heightened KYC requirements for transactions between money service businesses and unhosted wallets.
Free TON has more than 400 validators and 15 fully-developed geographical sub-governances.
Per TON Labs’ CTO, decentralisation will also depend on the number of issued tokens.
The Free TON project, a community-operated blockchain network that came to be after a fork of Telegram’s attempt to launch a blockchain, has announced the launch of a mainnet. A report unveiled this news on December 22, noting that the announcement was a formality, seeing as there wasn’t a network launch. Reportedly, the project’s developers chose a date to mark ample decentralisation of the network and an effective mainnet start.
According to the report, the Free TON community held a livestream ceremony to commemorate this milestone. The ceremony, allegedly, featured a Declaration of decentralisation in the blockchain network, which anyone can sign. To reach this feat, the community held consecutive validator contests over four weeks in Q3, 2020. These contests tested the capability of validators ac
Crowdfund Insider that the enforcement action was a long time in coming.
Perhaps a bigger question now is whether, or not, other digital asset exchanges will do the same and curtail trading in XRP – an entity that is now independent of Ripple. Following the news of the lawsuit against Ripple, the price of XRP collapsed by over 30% – dropping it to 4th place (from 3rd) in the largest cryptocurrency by market cap.
CrossTower and
CrossTower issued the following statement:
CrossTower made the decision to remove XRP from its US-based trading platform – effective immediately. Customers using CrossTower ‘s global trading platform remain unaffected by this decision and can still trade XRP by clicking here. All customers affected by this decision were immediately notified and withdrawals for XRP will be enabled until further notice. CrossTower remains committed to its customers and their digital assets.