XRP Falls Nearly 40 Pct On Ripple Suit News

XRP’s price plummeted once more on Wednesday (Dec. 23) following the U.S. Securities and Exchange Commission’s lawsuit contending that the blockchain firm connected to the digital currency held a $1.3 billion securities offering that was not registered, CNBC reported.

The agency is suing Ripple, along with CEO Brad Garlinghouse and Co-Founder Chris Larsen, according to the report.

The SEC’s complaint centers on the contention that the digital currency should be dealt with as a security in lieu of a currency. XRP’s price was approximately 26.5 cents as of about 7:30 p.m. Eastern Time on Wednesday, down roughly 39 percent over 24 hours, according to CoinDesk.

“In light of US Securities & Exchange Commission’s enforcement action against Ripple Labs & 2 of its executives, we have suspended all #XRP payment in and trading services on the OSL platform, effective immediately and until further notice,” Digital Asset Platform OSL said in a Wednesday Twitter post.

In other news, Axie Infinity unveiled the rollout of the public testnet of Ronin, which is an Ethereum sidechain particularly made for the digital game, according to a post. The move comes after a fruitful private testnet stage and signifies that its complete rollout of Ronin Mainnet is becoming more near.

“Ronin will make playing Axie fast, seamless, and more fun,” according to the post.

Meanwhile, Cere Network said Wednesday that it landed a further $1.5 million to roll out Polkadot’s inaugural decentralized data cloud infrastructure, Decrypt reported. Monday Capital, Kinetic Capital and QCP Capital are among some of the investors in the present raise.

On another note, the SEC released a statement and request for input on the custody of digital asset securities by broker-dealers to “encourage innovation around the application of Securities Exchange Act Rule 15c3-3 to digital asset securities.” The agency’s statement and request for input are available on its website. It will “become effective 60 days after publication in the Federal Register,” according to the statement.

And, Binance welcomed new fan tokens on Binance Launchpool with the company’s “strategic partnership” unveiled last week with Chiliz, according to a post. The OG Fan Token (OG), Atlético de Madrid Football (ATM) and AS Roma Football Club (ASR) are among the new fan tokens from Socios.com for farming on Binance Launchpool.