Another day, another all-time high for Bitcoin as the largest cryptocurrency hits $38,500 on January 7. Meanwhile, a surprise move from XRP was the talking point among market participants on the day.
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Ripple sued by investor in wake of SEC’s XRP lawsuit
Asset manager Tetragon Financial Group is demanding Ripple buy back its investment as a result of the Securities and Exchange Commission’s claim that XRP is an unregistered security
In December 2019, asset manager Tetragon Financial Group led Ripple’s $200 million Series C investment round. Now, it is seeking to enforce a contractual provision to back out of its investment, Ripple said in a public statement on Jan. 5.
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Coinbase CEO Brian Armstrong faces a class action lawsuit over XRP sales (Photo: TechCrunch/Steve Jennings)Coinbase sued for selling XRP
The $10 million lawsuit, which seeks class action status, follows the U.S. Securities and Exchange Commission’s lawsuit against Ripple for selling XRP, which the agency claims is an unregistered security
Noting that Coinbase is not licensed to sell securities, the suit called Coinbase’s sale of XRP “unlawful” and “fraudulent,” claiming that “Coinbase falsely represented that XRP was a commodity when… Defendant knew it was a security.” It also said that selling XRP was “unfair” as it gave Coinbase “an unwarranted competitive advantage over digital asset exchanges that only sold commodities.”
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Crypto fund manager Bitwise liquidates XRP
The firm sold its XRP holdings after the SEC claimed in a lawsuit that the cryptocurrency is a security—which can only be sold by registered broker-dealers
“The Bitwise 10 Crypto Index Fund does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws,” the company said. “Bitwise's decision to liquidate its position in XRP was based on consideration of new public information from the SEC's complaint.”
