Jed McCaleb, former Ripple CTO and inventor of Stellar, revealed on Friday that he is holding on to his final 5 million XRP “just in case it moons,” questioning his previous eight years of selling now that his supply has nearly completely run out.
On a Zoom call with CTC News reporters, McCaleb remarked, “If you think about it, it would be extremely silly if I sold it all.” What if the price of a token truly does increase to $589? I might be rich!
Since leaving Ripple in 2014, McCaleb had sold many billions of XRP, but he claimed that on Thursday night, he suddenly realized he just couldn’t let the remainder of his assets go.
McCaleb remarked, “I dunno, maybe it’s this inflation, maybe it’s the cost of gas, you know.” But I just have a hunch that keeping the remaining XRP will make my family and me feel safer.
However, this should not be taken too seriously as it turns out to be a joke. CTC is a satirical platform renowned for providing its readers with laughs by making jokes on happenings in the crypto space.
In order to clarify the then-developing cryptocurrency market, a former SEC employee gave a speech in 2018. The SEC is attempting to keep confidential records related to that speech.
The speech and the related drafts, according to the SEC, contained not just Hinman’s opinion but also that of the Division of Corporation Finance, making them subject to attorney-client privilege and deserving of confidentiality.
The US Magistrate Judge Sarah Netburn denied the attorney-client privilege allegations made by the US Securities and Exchange Commission, favoring Ripple. She said, “The documents must be produced.”
“The hypocrisy in arguing to the court, on the one hand, that the speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency and, on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his speech, suggests that the SEC is adopting its litigation positions to further its desired goal and not out of a faithful allegiance to the law,” Judge Sarah Netburn stated.
“The evidence establishes that the predominant purpose of the communications was not to provide legal advice,” the court stated.
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