Grayscale Investments is closing down the Grayscale XRP

Spread the love

Grayscale Investments is dissolving the Grayscale XRP Trust in the light of the United States. The case of the Stock and Exchange Commission against Ripple.

Grayscale, the world’s biggest digital currency wealth manager, said it will liquidate the product and allocate the funds to its owners.

“In response to the SEC’s action, certain significant market participants have announced measures, including the delisting of XRP from major digital asset trading platforms, resulting in the Sponsor’s conclusion that it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations.”

Grayscale removed XRP from the Grayscale Digital Large Cap Fund last week.

The SEC’s complaint charges Ripple, its Chief Executive Officer Bradley Garlinghouse and co-founder Christian Larsen of collecting more than $1.3 billion by selling XRP in an unregistered automated stock offering.

As a result of the litigation, at least 27 cryptocurrency companies have already withdrawn funding for XRP.

RECOMMENDED READ:  Bitcoin maximalists blast Ethereum’s Vitalik Buterin after he cautioned against buying crypto with personal loans

In a matter of weeks, Ripple General Counsel Stuart Alderoty told his Twitter that the company would file its initial response to the SEC’s allegations.

Garlinghouse says the company is looking forward to its day in court and to a change in leadership at the SEC.

“We’re on the right side of the facts and of history, and look forward to our day in court – as well as engaging with the new SEC leadership once appointed.”

 561 Interactions,  8 today

READ ALSO:
Grayscale’s filing reveals considering Yearn Finance as a potential offering.

The filing of a corporate registration with the State of Delaware reveals that Grayscale is considering Yearn Finance as a Read more

Twitter CEO, Jack Dorsey gives $1M to the Coin Center at the top of Grayscale’s $2M donation.

The D.C.-based advocacy organisation has just raised millions for its ongoing research and lobbying activities. Here's how the percentages have Read more

Here is why Grayscale reopened Ethereum trust to investors

Grayscale, one of the biggest digital asset managers in the world, has reopened the Ethereum trust to customers. The statement Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: