Ripple has been consistently expanding its horizon in the cross-border remittance field. Its cryptocurrency, XRP, also registered an extended slump in a rather bullish market, over much of the past few months. XRP failed to post substantial gains until recently, even as Bitcoin breached multiple resistances. On May 14, following news related to Bitcoin’s surge over $8,000 and Coinbase enabling XRP trading for its New York users, the coin saw a double-digit resurgence.
Just when it seemed like XRP was finally on its way out of a bearish pullback, fresh trouble surfaced. In a Twitter thread, Ryan Selkis, Founder of Messari Crypto, stated that his FOIL request with the NYDFS regarding Ripple’s XRP II affiliate sales and discounts was denied, hinting at foul play on the part of Ripple and its subsidiary.
XRP II, LL is a subsidiary of parent company, Ripple, and is registered as a licensed money service business, mostly to institutional investors. In his FOIL request, a formal submission requesting information from New York state on the basis of New York’s Freedom of Information Law [FOIL], Selkis had requested for information on three aspects of XRP II.
The first question was regarding the “average sales price that XRP II has offered its enterprise customers from 2016 to 2019,” while the second and third questions were dealt with the implied discount to spot rate and the total XRP sold via XRP II, respectively. Though Selkis filed the FOIL request on January 29, 2019, it was only on May 13 that he received a reply, which is approximately three-and-a-half months after the filing date.
1/ In January, I filed a FOIL request with the NYDFS regarding Ripple’s XRP II affiliate’s sales and discount policies.
Remember, XRP II HAS A BITLICENSE.