- Ripple Labs executive Matt Hamilton mentioned that the SEC is picking and choosing favorite cryptocurrencies over others like XRP.
- Around 8 percent of Bitcoin’s total supply is held by institutional investors while less than 1 percent XRP is in the institutional purse.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs’ XRP has attracted a lot of comments over the past months. While some see the SEC action against XRP as justifiable, a lot more criticize the attack. With the ongoing war, the SEC has shown different angles of its stance on cryptocurrencies. As a matter of fact, some members of the crypto community are of the belief that the Commission favors popular coins like Bitcoin (BTC) and Ethereum (ETH) over other crypto assets.
Ripple Labs exec emphasizes favoritism from SEC
In a recent interview, the director of Developer Relations at Ripple, Matt Hamilton, also pointed out favoritism from the SEC. He made reference to the director of the Division of Corporate Finance, William Hinman. He claimed that Hinman in particular acted in the same manner.
Furthermore, Hamilton stated the various stereotypes related to XRP. Hence, he claimed that XRP has no intrinsic value. According to him, XRP is mostly viewed as a “banker’s coin” that focuses on satisfying financial institutions’ interests. Also, a lot of people do not consider the coin as a real cryptocurrency. This is majorly due to the allegations about its developers. There are allegations that the XRP developers are focused more on the ledger than the cryptocurrency.
Speaking on the XRP ledger, the director said that the ledger stores the complete status of every account on the network in each block. Moreover, financial institutions like Santander Bank and American Express were the early adopters of the XRP coin. This happened before the serial adoption of Bitcoin by institutions.
During the interview, Hamilton stated:
If you call XRP the banker coin, then Bitcoin’s the drug dealer coin… as a percentage of total supply more Bitcoin is held by banks than XRP is held by banks at this exact period of time.
Institutions hold less than 1 percent of XRP
Speaking further, the director discussed the “double standards” of BTC supporters who glorify Bitcoin’s institutional use case and investments while criticizing XRP for the exact same reason. Currently, institutional investors hold about 8 percent of the total supply of Bitcoin. On the other hand, Coinshares noted that XRP held by institutions is less than 1 percent.
Additionally, Hamilton spoke on XRP’s classification as being decentralized. Firstly, the cryptocurrency is totally pre-mined and does not have a mining mechanism in place. Notably, Ripple owns a large quantity of the total XRP. According to the director of Developer Relations at Ripple, the difference between centralization ad decentralization is subjective. Hamilton explained:
Ripple owned and operated about 5% of the nodes on the XRP ledger… that doesn’t give them any power on the XRP ledger. In fact, if the community decided [it]could actually vote an amendment on the XRP ledger that would effectively burn Ripple’s XRP.
XRP Whale Withdraws 150 Million Coins from Binance
Another XRP whale moves his or her funds from the exchange, now storing $150 million in a private wallet
The transaction made only a few hours ago was one of the largest non-exchange transactions made on the XRP blockchain in the last few months, according to Whale Alert.
The $150 million transaction
According to the transaction page, an anonymous whale has moved 150 million XRP coins worth approximately $150 million from Binance exchange to an unknown wallet that is currently holding 150 million coins.
Previously, the same wallet has been making small, insignificant transactions to various exchanges worth approximately $20-$30. The first large transaction has been made.
After receiving significant funds, the wallet spent approximately 100,000 coins by transferring them to UpBit exchange. The purpose behind such unusual funds redistribution remains undisclosed.
Ripple’s price action
Ripple’s price does not seem to consider major funds moving in a market with the price continuously moving in the same trend. The asset has broken the four-day uptrend by dropping below $0.98.
XRP was one of many victims of the global cryptocurrency market correction that took place on the market due to a rise of risk-off tendencies after the aggravation of the pandemic all over the world.
Previously, U.Today reported that numerous whales have made large transactions from various centralized exchanges back to their wallets. Such a trend is tied to overall outflows tendencies on the cryptocurrency market.
At press time, XRP is trading at $0.97 while losing 1.2% of its value. The price of the asset gained 6.2% in the previous local uptrend.
XRP and Other Top Cryptocurrencies Now Accepted by Croatia’s Largest Supermarket Chain
Crypto is becoming mainstream in Croatia because of Konzum
Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata.
The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).
Shoppers are now able to buy groceries, hygiene items, household supplies and other items with the aforementioned cryptocurrencies.
Konzum partnered with Croatian fintech company Electrocoin to use its PayCek system to facilitate crypto payments.
They spent several weeks testing the service before the official rollout in the run-up to Christmas.
Crypto is coming to Konzum’s physical stores
Crypto payments will also gradually become available in Konzum’s physical stores throughout the country.
The company will begin with 60 locations that have self-checkouts. After that, new payment options will be introduced in 630 stores of all sizes throughout Croatia.
Why Brad Garlinghouse and Ripple (XRP) are Excluded from the US House Full Committee Hearing?
On December 01, 2021, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced witnesses for the December 8 full Committee hybrid hearing entitled, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.
Reportedly, “Since becoming Chairwoman of the House Financial Services Committee, Congresswoman Waters has transformed the Committee to focus its agenda on fairness, protecting consumers and investors, which includes accountability of large financial institutions and emerging tech products and services. She has made it a practice to call Committee hearings with CEOs of major financial institutions and companies to hold them accountable.”
The Committee has been a leader in highlighting issues related to cryptocurrency and financial technology:
US House Committee on Financial Services expressed: Chairwoman RepMaxineWaters announces Cryptocurrency CEOs to Testify at Full Committee Hearing.
Witness List: Witness List: Jeremy Allaire, CEO, Circle Pay; Sam Bankman-Fried, CEO, FTX.US; Brian Brooks, CEO, Bitfury Group; Chad Cascarilla, CEO, Paxos Global; Denelle Dixon, CEO, Stellar.Org Development Foundation; Alesia Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.
Denelle Dixon expressed: Honored to testify at next week’s full committee hearing on digital assets and the future of finance. Thank you to Chairwoman
Community Reaction: Where is Brad Garlinghouse Ripple (XRP) this is disappointing that the most compliant abs transparent US based Cryptocurrency is not represented.
No Ripple? What a joke. Don’t think they’ll be involved in innovating the future of finance? Sad.
“Due to COVID-19, all markups and hearings will be in hybrid format. Members and witnesses may participate remotely via Cisco WebEx or participate in-person in room 2128 Rayburn House Office Building.”
Covid is not the reason why Brad was not called.
Why is Ripple not invited? Maybe they were invited but due to ongoing legal case they refused or couldn’t participate who knows?
I can just see certain CEOs are trying to bash other crypto instead of standing together. Crypto Committee hearing without the multibillion Dollar Blockchain Decacorn and Global Player Ripple (XRP)
The Ones that William be Testifying William be the ones who paid the entry fee.
Ok. So, this is basically a meeting to learn more about stable coins. *Noted.*
So many XRP fans roughed up realizing Stellar is a better protocol. Who will be translating to these dinosaurs.
Why not invite Ripple? Politicians ruin everything they are involved with.
Other than Sam there is no single big player in this list. Seriously, term limits can’t be here any sooner.