Fox Business Correspondent Questions Ripple’s Ability to Pay $1 Billion Fine in SEC Lawsuit
- Bridget Hubbard
- July 18, 2023
- news, Crypto, Crypto Market
- Business, Fox, SEC
- 0 Comments
Charles Gasparino questions Ripple’s finances and XRP community conduct, while XRP influencers and CEO Brad Garlinghouse affirm the company’s ability to pay a $1 billion fine.
Key Points
- Fox Business’ Charles Gasparino questions Ripple’s ability to pay a potential $1 billion fine in the SEC lawsuit and expresses dissatisfaction with the XRP community’s online conduct.
- XRP influencer Moon Lambo mentions that XRP holders are unbothered by the fine, citing XRP’s non-security status and Garlinghouse’s claim of $1 billion in the company’s bank.
- Gasparino seeks clarity on whether Ripple’s $1 billion is in cash or XRP, raising concerns about a potential market sell-off and its impact on retail XRP holders.
- The crypto community counters Gasparino’s claims, sharing a video clip of Garlinghouse confirming $1 billion in cash reserves, while Gasparino expresses discomfort with the conduct of the XRP community on Twitter.
Recently, Charles Gasparino, a senior correspondent at Fox Business, took to Twitter to express his concerns about the ongoing Securities and Exchange Commission (SEC) lawsuit against Ripple. Gasparino specifically questioned Ripple’s ability to pay a potential $1 billion fine associated with the lawsuit. He also voiced his dissatisfaction with the conduct of the XRP community online, which he claims has been hostile towards him due to his stance on the SEC vs. Ripple case.
Funny how investment cults work. When I wrote what XRP crowd loved they called me a hero. When I reported a few things they hate, I’m public enemy No 1. Little insight: I call ‘em as I see ‘em. No amount of trolling will change the way I do my job. In fact I love the battle ha!
— Charles Gasparino (@CGasparino) July 16, 2023
Influencer Addresses Potential Fine and Ripple’s Financial Situation
XRP influencer Moon Lambo responded to Gasparino’s doubts regarding the $1 billion fine. Lambo highlighted that many XRP holders are unbothered by the potential fine because XRP was recently declared a non-security crypto asset. Additionally, Lambo mentioned that Ripple CEO Brad Garlinghouse had previously stated that the company had $1 billion in the bank, suggesting that they may use these funds to pay the fine.
Gasparino Seeks Clarity on Ripple’s Financial Position
Gasparino further delved into the issue by responding to Lambo’s tweet. He inquired whether Ripple’s claimed $1 billion was in cash or in the form of XRP that would need to be sold on the market. Gasparino raised concerns about the potential market sell-off of XRP, as it could have negative implications for retail holders of the cryptocurrency. His questions were directed to the management team at Ripple.
In response to Gasparino’s inquiries, Lambo shared a video clip of Brad Garlinghouse speaking at the Dubai Fintech Summit earlier this year. During the summit, Garlinghouse revealed that Ripple had $1 billion in cash on its balance sheet. This statement supports Garlinghouse’s previous remarks made during a Twitter Space discussion in November last year, where he stated that Ripple has no debt and holds a billion dollars of cash.
Community’s Reaction and Gasparino’s Concerns
Charles Gasparino also expressed his discomfort with the conduct of the XRP community on Twitter. He claimed that their behavior was amicable when he reported favorably on Ripple but turned hostile when he reported against the company. However, the crypto community countered Gasparino’s claims and accused him of portraying Ripple and XRP in a negative light following a recent summary judgment.
In conclusion, Charles Gasparino of Fox Business has raised concerns about Ripple’s ability to pay a potential $1 billion fine in the SEC lawsuit. Despite Gasparino’s doubts, XRP influencers and Ripple CEO Brad Garlinghouse have asserted that the company has $1 billion in cash reserves. The conduct of the XRP community on Twitter has also been a point of contention, with Gasparino claiming hostility from community members. However, some crypto enthusiasts argue that Gasparino’s portrayal of Ripple and XRP has been biased. The outcome of the SEC lawsuit and Ripple’s financial situation will determine the resolution of this ongoing saga.
