Ripple Accused of Bypassing Court Injunction with New $300 Million XRP Treasury
The debate over Ripple Labs' compliance with a federal court injunction has intensified following a claim by crypto researcher Darkhorse. He suggests that Ripple is using a newly established $300 million XRP treasury vehicle in collaboration with Webus International Ltd to legally circumvent the injunction.
Key points include:
- Darkhorse asserts that Ripple's new structure allows it to sell XRP through regulated intermediaries instead of directly to investors.
- The arrangement was detailed in a Form 6-K filing by Webus, which noted an XRP Treasury managed by Samara Alpha, an SEC-registered investment adviser.
- This setup allegedly enables Ripple to comply with legal requirements while facilitating institutional sales.
Jay Nisbett, a veteran XRP commentator, disagrees, arguing that this activity reflects market adoption rather than a clever workaround. He states that:
- Webus is acquiring XRP like any other participant on the secondary market.
- There is no partnership between Ripple and Webus, and XRP has been ruled non-security in this context.
Darkhorse counters by emphasizing the structured nature of the treasury and its regulatory compliance, highlighting that:
- Webus's filing indicates a formalized approach rather than casual market buying.
- The intermediary model is designed to maintain compliance while navigating regulatory restrictions.
- Historical ties exist between Ripple and Webus, adding complexity to their relationship.
The ongoing discussion raises questions about whether this treasury structure represents indirect circumvention of the injunction or a legitimate business evolution. The SEC has not commented, and a recent request to vacate the injunction was denied.
XRP is currently trading at $2.1989.
