Amid the legal uncertainties, Ripple faces countless problems. According to the reports, the US Securities and Exchange Commission, SEC, has sued Ripple and its two executives, CEO Brad Garlinghouse and co-founder Christian Larsen.
In the wake of the enforcement action, several cryptocurrency exchanges, including Coinbase, Bitstamp, Beaxy, CrossTower, OKCoin, and Binance, have stopped XRP deposit and withdrawal services. However, United Kingdom-based cryptocurrency exchange GateHub has decided to resume XRP deposit and withdrawal services.
Based on a January 12 official statement, the firm will keep support XRP till a decision from the SEC makes it mandatory:
“Please be advised that GateHub Ltd. will continue listing XRP until the SEC’s complaint against Ripple is adjudicated, and a final decision entered that XRP is properly classified as a ‘security,’ or until we receive a cease-and-desist notice from the SEC.”
Grayscale Dissolves its XRP Trust
Institutional crypto manager Grayscale Investments has announced to dissolve the XRP Trust. As reported earlier, U.S.-based digital asset manager Grayscale sold all its XRP, planning to distribute the funds to XRP Trust holders after deducting charges.
However, Ripple CEO Brad Garlinghouse recently highlighted that the firm is trying to negotiate with the SEC to settle the matter. In a Twitter thread, Garlinghouse said, “Can’t get into specifics, but know we tried—and will continue to try [with] the new administration—to resolve this in a way so the XRP community can continue innovating, consumers are protected, and orderly markets are preserved.”