Ripple Co-Founder Jed McCaleb Made Billions Via XRP Sale?
- Ripple co-founder Jed McCaleb has reportedy made around $3 billion via the sale of XRP tokens
- The co-founder originally got 9 billion XRP tokens in 2013 when the project was initiated
- Brad Sherman urged the SEC’s director of enforcement to file cases against crypto exchanges that had traded in XRP
The co-founder of payments firm Ripple, Jed McCaleb, has possibly made billions from the sale of XRP tokens, according to recent Twitter chatter, and it seems that the actual amount was $3 billion. He initially owned 9 billion XRP tokens when the project was in its beginning state in 2013.
Despite owning 9 billion XRP tokens, McCaleb sold the last of his $XRP on his “tacostand” wallet on the XRP Ledger. McCaledb was a part of the payments firm in 2011 when the firm was founded and since then, he left it in 2014 to work on Stellar (XLM). However, he was awarded 9 billion XRP for working on OpenCoin, the project that eventually became Ripple.
The co-founder received funds regularly on a fixed schedule and has made it clear via XRP Talk, a forum of XRP proponents, that he will be selling all of his tokens as he received them but he also donated to charities like Give Directly, Literacy Bridge, and others.
In a blog post titled “The Stand is Finally Out of Tacos,” in reference to McCaleb’s “tacostand” wallet name, Ripple confirmed that McCaleb sold everything he hand in his wallet adding that he left the firm in 2013 because their vision was not matching.
The post also added a link to the answer of a question posted on Quora where the CTO of the firm replied to a person questioning McCaleb’s leave. The payments firm noted that McCaleb “tried to dump his XRP quickly and Ripple acted to stop him through a series of lawsuits.”
In another world, a Congressional subcommittee held an oversight hearing on Tuesday, which brought into question the SEC’s enforcement division and featured testimony from division director Gurbir Grewal.
In the meeting, Rep. Brad Sherman said that “division faces new challenges in the form of cryptocurrencies and other digital assets.” The subcommittee chair also added that while the case against Ripple for sale of securities was pushed, why were the exchanges facilitating the sale of the XRP tokens not brought into light.
“The division has determined that XRP is a security and is going after XRP but, for reasons that I’ll bring up in questions, has not gone after the exchanges where tens of thousands of illegal securities transactions were occurring,”
said Sherman.
“You know it’s a security. That means they were illegally operating a securities exchange,” he continued in his questioning. Sherman did not give any breathing room to the SEC with his questions and asked for exchange facilitating XRP sale to be brought into light as well. “If they know it’s illegal and you know it’s illegal and I know it’s illegal, I hope you focus on that,” he noted.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
