Ripple News: Novogratz Confirms Ripple Shares, Denies Hinman Meeting; XRP Community Reacts

The post Ripple News: Novogratz Confirms Ripple Shares, Denies Hinman Meeting; XRP Community Reacts appeared first on Coinpedia Fintech News

In a recent development that has caught the attention of XRP enthusiasts, Mike Novogratz, the CEO of Galaxy Digital, has admitted to being an early investor in Ripple Labs, the cryptocurrency giant. However, Novogratz claims he has held onto his shares for the past ten years and never sold them.

This revelation has sparked a debate within the XRP community, particularly regarding Novogratz’s alleged insider knowledge and his denial of any connection to William Hinman, the former director of SEC’s Corporation Finance.

The Novogratz-XRP Debate

Novogratz’s statement came in response to allegations made by Mr. Huber, a prominent member of the XRP community, who suggested that Novogratz had received insider knowledge about SEC regulations from William Hinman. Novogratz vehemently denied the allegations, stating that he had never met Hinman and had no prior correspondence with him.

Instead, he disclosed that his discussions on SEC matters were limited to Ripple CEO Brad Garlinghouse, who had regular visits to the SEC at the time. Novogratz emphasized his long-standing investment in Ripple Labs and his belief in the company’s potential, highlighting that he had not sold any of his shares since the beginning of his investment journey.

Allegations of Insider Knowledge and Denials: In response to Novogratz’s claims, Mr. Huber dismissed them as mere excuses. He argued that Ripple’s business model heavily relies on XRP and that the company would be just an ordinary software company without the coin.

Huber also pointed out that Ripple’s decision to fight the SEC lawsuit was a clear indication of XRP’s significance. He questioned Novogratz’s investment in Ripple while simultaneously considering XRP a scam, implying that Novogratz’s statements were a form of plausible deniability.

XRP Community Reaction:

Unsurprisingly, XRP enthusiasts have been closely following the back-and-forth debate between Novogratz and Mr. Huber. Yassin Mobark, the founder of Dizer Capital, raised questions about Novogratz’s disparagement of XRP while promoting Ethereum, despite his stake in Ripple. Other prominent XRP supporters also shared their reactions, expressing their thoughts on the situation.

Hinman’s Emails and the Ripple Labs Implications: In the midst of this controversy, members of the XRP community have been analyzing the recently released emails from William Hinman. These emails shed light on internal discussions at the SEC leading up to Hinman’s controversial speech, in which he declared Ethereum as a non-security. The emails revealed that Hinman disregarded warnings from top SEC officials about the speech’s potential to confuse the market and deviate from established regulatory factors.

As the debate continues and the XRP community scrutinizes the revelations surrounding Hinman’s emails, the implications for Ripple Labs and the future of XRP remain uncertain. The allegations of insider knowledge, Novogratz’s investment in Ripple, and the significance of XRP to the company’s business model add complexity to the situation. It will be interesting to see how these developments unfold and how they may impact Ripple Labs and the XRP community moving forward.