Grayscale, the world’s largest digital asset management company, has announced that it will liquidate its XRP investment fund following a complaint from the US Securities and Exchange Commission (SEC) against Ripple.
To Report CoinDesk, after the liquidation of this investment fund, all the proceeds will be divided among the fund’s shareholders. Gary Skill has not announced how much this revenue is.
The US Securities and Exchange Commission announced last week that Gary Scill’s XRP Investment Fund had raised about $ 19.2 million from 70 investors over a three-year period. It is unknown at this time what he will do after leaving the post.
According to the US Stock Exchange Commission, Ripple is accused of selling about $ 1.3 billion in XRP tokens from 2013 to date. According to the commission, the release of XRP was without a license and referred to these tokens as unregistered securities. Gary Skill writes in his statement:
Converting XRP to US dollars is becoming more and more difficult for American investors, including the Skill Investment Fund. As a result, the continued operation of the fund is also challenging.
Gary Skill has stopped trading his investment fund since the beginning of January 2021. According to many, the US Stock Exchange Commission’s complaint against Ripple has created a tense atmosphere in the digital currency market.