Ripple Testifies Before Senate While Investor Declares Bankruptcy
2025-07-09 06:02:57
Main Idea
Ripple faces scrutiny as CEO Brad Garlinghouse testifies before the Senate Banking Committee for clearer crypto regulation, while investment platform Linqto, holding 4.7 million Ripple shares, files for Chapter 11 bankruptcy amid SEC investigations.
Key Points
1. Ripple CEO Brad Garlinghouse testifies before the Senate Banking Committee to advocate for clearer crypto regulation, alongside other industry leaders.
2. Linqto, an investment platform holding 4.7 million Ripple shares, files for Chapter 11 bankruptcy amid SEC investigations and allegations of fraud.
3. The Senate Banking Committee hearing focuses on key crypto bills, including the GENIUS Act and CLARITY Act, aiming to shape US crypto regulation.
4. Linqto's bankruptcy reveals financial mismanagement, including alleged markup schemes and regulatory violations, leading to SEC scrutiny.
5. Ripple distances itself from Linqto, clarifying no direct financial ties and halting Linqto's access to secondary Ripple shares after FINRA review.
Description
Ripple is facing scrutiny on two fronts this week as CEO Brad Garlinghouse testifies before the Senate Banking Committee in support of clearer crypto regulation, while investment platform Linqto, which holds 4.7 million Ripple shares, has filed for Chapter 11 bankruptcy. The simultaneous developments show both Ripple’s growing presence in Washington policy circles and the risks emerging in the opaque world of secondary crypto markets. Linqto’s bankruptcy filing comes amid SEC investigations, int...
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