Brad Garlinghouse takes to Twitter / GBTC owns 3% of outstanding bitcoin

Brad Garlinghouse published a series of tweets regarding his $1.3B lawsuit...

18,949 subscribers Inside.com January 08, 2021

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Brad Garlinghouse Brad Garlinghouse published a series of tweets regarding his $1.3B lawsuit. His first claim was that Ripple tried to settle charges with the SEC ahead of the lawsuit. He did not mention the amount of the settlement — the value of which the SEC would have offered, not Ripple. The SEC charged Garlinghouse and his co-founder Chris Larsen with selling over $600M worth personally of illegal securities. Garlinghouse indicated that the company would "continue to try" under Biden's administration. This story continues below, in part 2... Brad Garlinghouse

Garlinghouse defends himself: Ripple still beneficially owns billions of XRP (XRP). Ripple's SEC lawsuit resembles Block.One's case in which the SEC charged Block.One with raising about $4B of unregistered securities through its sales of EOS tokens. Block.One neither admitted nor denied the allegations, chose to settle with the SEC, and is now defending itself against several private, multi-billion-dollar lawsuits by harmed investors. Ripple's two executives named in the SEC complaint, Christian Larsen and Bradley Garlinghouse, will appear in their first pre-trial conference scheduled for Feb. 22, 2021. For further reading: For more information regarding Jed McCaleb, Ripple's third co-founder who was not named in the SEC's complaint, see this prior edition of Inside Cryptocurrency. Coindesk

Barry Silbert's Grayscale Investments owns approximately 3% of outstanding bitcoin. The company has become the world's largest digital asset manager, new CEO Michael Sonnenshein told Bloomberg. More: Digital Currency Group subsidiary and Barry Silbert-led Grayscale Investments LLC manages ten funds, out of which six are publicly-traded and listed on the over-the-counter, QX-tier market (OTCQX). Grayscale Bitcoin Trust (OTCQX:GBTC) currently holds 3% of total circulating bitcoin (approximately 557,831 bitcoin), worth $22B. On Jan. 7, Grayscale Investments recorded total AUM north of $27B. According to Sonnenshein, investors from different sectors such as hedge funds, pensions, and endowments have expressed increased interest and participation in GBTC's accredited investor placements during bitcoin's recent rally. Under new leadership, the company intends to double its headcount and launch six new digital asset products for investors. Barry Silbert will continue acting as Digital Currency Group's chief executive, which is the parent company of Grayscale. Bloomberg

The International Monetary Fund (IMF) has published a report on the currency composition of central banks' reserve holdings. Its report suggests that central bank reserves did not significantly shift during 2020, nor do any of its member banks hold cryptocurrencies. Central banks around the world do hold international currency reserves, mainly in U.S. dollars and euros. The IMF analysts indicate that the "glacial pace" of changes in the composition is due to a negligible shift in dollar dominance. Despite Chinese advancements in the global economy, the IMF's members did not report a significant increase in Chinese renminbi reserves. IMF

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QUICK HITS: Laird Superfood releases its Smart Transfers by M1 Finance with Vitamin D. Elevate your coffee today!* On Jan. 7, 2021, bitcoin repository's lead maintainer and second successor to Satoshi Nakamoto, Wladimir van der Laan, released Bitcoin Core 0.21.0. On Jan. 7, bitcoin's price crossed the $40,000 mark for the first time. Grayscale's Barry Silbert promoted Michael Sonnenshein as its new CEO in a press release dated Jan. 7. With net AUM of $27.4B, the company plans to double its staff this year. Bakkt, a crypto platform owned by $65B Intercontinental Exchange (NYSE:ICE), is close to going public. It will merge with a blank check company worth $270M called VPC Impact Acquisition Holdings (NASDAQ:VIH), according to a Bloomberg report dated Jan. 7. Grayscale announced on Jan. 5 that it had removed XRP (XRP) from its Grayscale Large Cap Fund (GLDC). Automation is your friend. See how Smart Transfers by M1 Finance takes the work out of money management so you can reach your goals more easily.* *This is sponsored content.

Curated by Associated Press fanboy, eye-strained news terminal watcher, and bitcoin follower since $1, Aaron Wise. Temporarily listening to news squawk boxes in Florida while awaiting the construction of cryptopia. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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