{"id":140459,"date":"2020-12-23T22:38:33","date_gmt":"2020-12-23T19:38:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-targets-ripple-crypto-creators\/"},"modified":"2020-12-23T22:38:33","modified_gmt":"2020-12-23T19:38:33","slug":"us-targets-ripple-crypto-creators","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-targets-ripple-crypto-creators\/","title":{"rendered":"#US targets ripple crypto creators"},"content":{"rendered":"

“#US targets ripple crypto creators<\/strong>”<\/p>\n

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\"Ripple
\n Ripple is a crypto currency rival to the likes of bitcoin and ethereum\u2014but regulators are turning the screw
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The US financial watchdog is chasing the firm behind a major crypto currency, accusing it of failing to respect regulations on offering unregistered digital assets.<\/p>\n

The US Securities and Exchange Commission charged that Ripple Labs, which markets the XRP token, had raised $1.3 billion in the form of “digital asset securities.”<\/p>\n

XRP is a rising star in the digital currencies sphere behind bitcoin, and US regulators are racing to tighten oversight of the highly volatile sector.<\/p>\n

Whereas bitcoin is produced by a decentralised network of ‘miners’, Ripple’s XRP token is mainly controlled by the firm that bears its name.<\/p>\n

The SEC maintains that former Ripple head Christian Larsen and current chairman Brad Garlinghouse “failed to register their offers and sales of XRP or satisfy any exemption from registration.”<\/p>\n

Following the SEC statement, the value of XRP tokens slid by 21.77 percent to 33 US cents per unit. <\/p>\n

The slump left Ripple’s market capitalisation based on units in circulation at $16.8 billion.<\/p>\n

That compares with $69.6 billion and $440 billion respectively for main crypto rivals ethereum, and bitcoin which surpassed $23,000 per unit in recent days.<\/p>\n

Garlinghouse criticised regulators for viewing XRP as a security and not a form of currency, thereby subjecting the digital unit to a welter of regulations.<\/p>\n

“Let me be clear: Ripple, Chris and I may be the ones named in the filing, but this is an assault on crypto at large,” Garlinghouse said in a statement.<\/p>\n

Garlinghouse said the SEC move put Ripple at a disadvantage to its rivals, which he said benefited from having earned the SEC’s “seal of app<\/a>roval,” to the point that “they’re creating an unfair advantage to companies here in the US.”<\/p>\n

“We remain confident after reviewing the SEC’s complaint today that we are on the right side of the law and of history,” Garlinghouse said.\n <\/p>\n\n

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Cryptocurrency rivals snap at Bitcoin’s heels<\/a>\n <\/div>\n

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\n \u00a9 2020 AFP<\/p>\n

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Citation<\/strong>:
\n US targets ripple crypto creators (2020, December 23)
\n retrieved 23 December 2020
\n from https:\/\/techxplore.com\/news<\/a>\/2020-12-ripple-crypto-creators.html<\/p>\n

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\n part may be reproduced without the written permission. The content is provided for information purposes only.<\/p><\/div>\n<\/p><\/div>\n