Ripple considers FTX trades Garlinghouse

It has been claimed that the CEO of Ripple, Brad Garlinghouse, is considering purchasing key aspects of the defunct cryptocurrency exchange FTX. Garlinghouse told The Sunday Times that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy as he sought to round up investors to rescue the business. The conference was held on November 16 and 17, and it took place on the sidelines of Ripple’s Swell conference in London, which took place on November 16 and 17.

During the call, according to the CEO of Ripple, the two discussed whether or not there were any FTX-owned firms that Ripple might acquire “would have a desire to possess.

Garlinghouse does concede, however, that in light of FTX’s recent decision to file for bankruptcy under Chapter 11 in the United States, any potential transaction involving an FTX business will be more difficult “a radical departure from how things would have been done one-on-one.

“It’s not that I don’t think we’ll take a look at those things; I’m certain we will.

However, it is a more difficult road to transact, “he continued.

There were around 130 firms connected to FTX that were listed in the bankruptcy petition that was filed in Delaware. One of the companies was FTX.US.

Garlinghouse expressed his interest in purchasing the components that were geared toward catering to corporate clients.

It would seem that the executives at Ripple, like with many others in the sector, are keeping up with the most recent developments in the situation involving FTX.


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XRP Price Plunges After Ripple Says Company Will Be Sued by SEC

The price XRP is down 16% after Ripple CEO Brad Garlinghouse announced the company will be sued by the Securities and Exchange Commission (SEC).

Garlinghouse says the payments startup, which owns more than half of the total supply of XRP, is gearing up to fight accusations that the company has illegally sold the digital asset as an unregistered security.


“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.

We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments – speed, cost, scalability and energy efficiency. It’s traded on 200+ exchanges globally and will continue to thrive.

The SEC – out of step with other G20 countries and the rest of the US government – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning.”

Ripple placed the majority of its XRP holdings in escrow back in 2017 and has routinely sold portions of its holdings to institutional investors and on crypto exchanges.

It also uses the digital asset to power one of its remittance platforms, called On-Demand Liquidity.

Ripple, which is also facing a class-action lawsuit on the status of XRP, has long argued that the cryptocurrency is not a security.

The company says XRP exists independently of Ripple and cannot be a security because investors in the digital asset are not shareholders of Ripple in any way.

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SEC set to sue Ripple with XRP in the crosshairs

Ripple will be sued by the SEC for allegedly selling unlicensed securities in the form of XRP tokens, according to Fortune.

In a move reminiscent of Coinbase’s recent front-running of a New York Times expose of its alleged treatment of employees of color, Ripple CEO Brad Garlinghouse has taken the unusual step of posting to Twitter to seemingly legislate the issue in the court of public opinion.

Bitcoin and Ethereum have both escaped SEC enforcement due to their decentralized nature. However, XRP, the token associated with Ripple, has long been criticized by some members of the crypto community as highly centralized. Ripple has maintained an escrow account of around 50 billion XRP, or around half of the total supply, which the CTO David Schwartz claims to have been ‘gifted’ by the creators of the third-largest cryptocurrency.

Despite class-action lawsuits and acrimonious splits between the original founders, Ripple has survived to become one of the fintech industry’s richest companies, with a reserve — primarily held in XRP — that could theoretically be worth almost $25 billion, even after a dramatic 13.5% drop in the price of the cryptocurrency token following the news of the potential lawsuit.

A source with connections to Ripple told Cointelegraph that:

“There’s no way it [XRP] is not a security.”

Ripple posted a Wells submission document to its website explaining its position, claiming that “By alleging that Ripple’s distributions of XRP are investment contracts while maintaining that bitcoin and ether are not securities, the Commission is picking virtual currency winners and losers, destroying U.S.-based, consumer-friendly innovation in the process.”

The company continued to allege, without evidence, that Bitcoin and Ether are “two Chinese-controlled virtual currencies that the SEC has stated are not securities” and that “Innovation in the cryptocurrency industry will be fully ceded to China” should the potential lawsuit brought by the SEC be successful.

According to Fortune, both Garlinghouse and co-founder Chris Larsen, whose combined wealth is estimated at $13 billion, are expected to be named as defendants in the possible lawsuit.

Although Garlinghouse has stated that Ripple would continue to thrive even with a security designation for XRP, the company has recently claimed to be seeking new headquarters outside of the United States, claiming that a lack of regulatory clarity was forcing its hand.

Cointelegraph reached out to Ripple for comment on whether Larsen and Garlinghouse would stay in the United States in light of the potential lawsuit, and had not received a response at the time of publication.


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Ripple CEO Says The U.S. SEC is Holding Back XRP’s Potential

Ripple CEO Brad Garlinghouse reiterated his concerns over the lack of regulatory clarity from the U.S. Securities and Exchange Commission (SEC). Previously, both Garlinghouse, and Ripple CTO Chris Larsen, had expressed a desire to leave the U.S. due to what they perceive as stifling conditions. More recently, in a CNN interview, Garlinghouse said little has […]


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Ripple Chief Excited About Future of Flare Networks Amid Imminent XRP Airdrop

Ripple CEO Brad Garlinghouse says he believes XRP investors have good reason to be excited about the launch of Flare’s smart contract system and the upcoming Spark token airdrop for owners of the third-largest cryptocurrency. In a new interview with CNN, Garlinghouse says Flare’s push to bring smart contracts to the XRP Ledger shows the […]

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Ripple Chief Says US Customers Waiting for Clarity Before Using XRP Remittance Platform

Ripple CEO Brad Garlinghouse says a lack of regulatory clarity on crypto assets other than Bitcoin and Ethereum is preventing companies from using emerging payments technologies. In a new interview on CNN, Garlinghouse says Ripple’s US customers are largely steering clear of using On-Demand Liquidity (ODL), which uses the digital asset XRP to move money […]

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Here’s What Would Happen to Ripple if XRP Is Deemed a Security, According to CEO Brad Garlinghouse

Ripple CEO Brad Garlinghouse is sharing his insights into what the payments firm’s future will look like if XRP is declared a security by the United States government On an episode of the Pomp Podcast with Anthony Pompliano, Garlinghouse says that while a portion of Ripple’s business in the US would need to change if […]

The post Here’s What Would Happen to Ripple if XRP Is Deemed a Security, According to CEO Brad Garlinghouse appeared first on The Daily Hodl.


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