Grayscale Decided on Closing XRP Trust

by in Cryptocurrency News

Grayscale XRP Trust terminated

Grayscale Investments informed the users it had started the process of XRP Trust termination. The move is connected with the legal actions SEC had started against Ripple for selling unregistered security.

Related: Ripple CEO says his company tried to negotiate with the SEC

The firm will share cash to investors after liquidating all XRP held by the stock, without fees. Grayscale mentioned that it is troublesome for U.S. financiers to change XRP into U.S. dollars because of the current situation. In these circumstances, the firm can't keep performing the Trust’s services.

Previously, Grayscale excluded the asset from its large-cap crypto fund.

Although the case continues to affect XRP badly, things are different in other states. Recently the UK Treasury issued a document, where it ranked XRP as non-security. Japanese financial regulator also sees XRP as an unregulated currency.

On December 23, the US Securities and Exchange Commission submitted a $1.3 B lawsuit against Ripple for selling unlisted securities. According to official documents, the suit is heading to the virtual court on February 22.