{"id":187144,"date":"2021-02-23T22:35:39","date_gmt":"2021-02-23T19:35:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ripple-cryptocurrency-crashes-after-moneygram-ices-deal\/"},"modified":"2021-02-23T22:35:39","modified_gmt":"2021-02-23T19:35:39","slug":"ripple-cryptocurrency-crashes-after-moneygram-ices-deal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ripple-cryptocurrency-crashes-after-moneygram-ices-deal\/","title":{"rendered":"#Ripple cryptocurrency crashes after MoneyGram ices deal"},"content":{"rendered":"

“#Ripple cryptocurrency crashes after MoneyGram ices deal<\/strong>”
\n<\/p>\n

\n

Ripple Labs\u2019 cryptocurrency tumbled Tuesday after MoneyGram said it paused its relationship with the tech firm while it battles the feds in court.<\/p>\n

The price of XRP<\/a> \u2014 the digital coin at the center of a Securities and Exchange Commission lawsuit against Ripple \u2014 sank nearly 22 percent to roughly 47 cents as of 2:10 p.m. after MoneyGram revealed that it suspended trading on Ripple\u2019s platform.<\/p>\n

The two companies struck a deal<\/a> in 2019 in which MoneyGram used XRP to settle cross-border payments while Ripple paid the company \u201cmarket development fees,\u201d which totaled about $50 million last year.<\/p>\n

But MoneyGram suspended the arrangement in December as the SEC accused Ripple of illegally raising more than $1.3 billion by selling the virtual coin, CEO Alex Holmes said Monday.<\/p>\n

Holmes said the money-transfer giant wants to continue working with Ripple but decided to put the partnership on ice out of an \u201cabundance of caution.\u201d<\/p>\n

\u201cI certainly hope that they\u2019re successful in their efforts with the SEC and that things go in the direction that they want,\u201d Holmes said on a Monday earnings call<\/a>. \u201cI would say that right now, we\u2019re pausing those activities.\u201d<\/p>\n

Ripple said its multi-year contract with MoneyGram is still in place. The embattled firm noted that some market participants were \u201creacting conservatively\u201d to the SEC\u2019s lawsuit, which it said has \u201cneedlessly muddied the waters and introduced more uncertainty in the market.\u201d<\/p>\n

\u201cWe look forward to finding a path forward with MoneyGram and have confidence that there will be more regulatory clarity in the US for the use of digital assets and blockchain technology<\/a> at the end of this lawsuit,\u201d Ripple said in a statement.<\/a><\/p>\n

Ripple and the SEC have agreed to take the case to trial before a jury in Manhattan federal court, according to a Monday filing in the case.<\/p>\n

At the heart of the case is whether XRP \u2014 the world\u2019s seventh-largest cryptocurrency by market value \u2014 is a security, like a stock, that has to be registered with the SEC under federal law.<\/p>\n

The SEC alleges that Ripple CEO Brad Garlinghouse and co-founder Christian Larsen personally sold about $600 million worth of XRP while the company skirted disclosure rules meant to protect investors.<\/p>\n

But Matthew Solomon, a lawyer for Garlinghouse, claimed in a Monday court hearing that the SEC failed to tell \u201cultra sophisticated market actors\u201d that it believed XRP was a security as recently as 2019, according to Law360<\/a>.<\/p>\n

\u201cThis entire case is a gross overreach,\u201d Solomon reportedly said.<\/p>\n

XRP\u2019s Tuesday slump came amid a broader selloff in the crypto market that saw bitcoin, Ether and Dogecoin fall deep into the red.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Ripple cryptocurrency crashes after MoneyGram ices deal” Ripple Labs\u2019 cryptocurrency tumbled Tuesday after MoneyGram said it paused its relationship with the tech firm while it battles the feds in court. The price of XRP \u2014 the digital coin at the center of a Securities and Exchange Commission lawsuit against Ripple \u2014 sank nearly 22 percent…<\/p>\n","protected":false},"author":1,"featured_media":187145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/ripple-moneygram-garlinghouse.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,94809,76127,70446,72588,72976],"class_list":["post-187144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-2-23-21","tag-cryptocurrency","tag-lawsuits","tag-money","tag-securities-and-exchange-commission"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=187144"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/187145"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=187144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=187144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=187144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}