“While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future!” Ripple Chief Executive Officer Brad Garlinghouse wrote in a post on X, the platform formerly known as Twitter.
Ripple said on Sept. 8 that it intended to acquire Fortress Trust, which also provides wallets and payments services. In a text message to Bloomberg, Purcell said a third-party service had experienced a security breach but that his company had not itself been hacked, and that “6 out of Fortress’s 250,000+ customers used it to log into their accounts.”
Ripple may have to wait to get that $15 million back, Purcell said. “At some point we will pay them back, likely when we collect” from the third party that experienced the hack, he said.
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Coinbase CEO: Crypto industry deserves fair rulesCoinbase CEO Brian Armstrong (COIN) is pushing lawmakers to do more to regulate the crypto industry. Armstrong, along with other crypto leaders, are part of the 'Stand with Crypto Alliance.' The group went to Capitol Hill on Wednesday to advocate for regulations for the industry. Armstrong says that 'a massive constituency' owns crypto assets, and a number of those individuals are 'unhappy' with the U.S. because it's lagging behind on crypto regulations. With the 2023 elections around the corner and the 2024 presidential candidates already on the campaign trail, Armstrong points out that for some crypto investors, this is a single-issue vote for them. In the exclusive interview with Yahoo Finance's Jennifer Schonberger, Armstrong strikes a hopeful tone about his meetings in Washington. 'There's a general consensus and understanding from both sides of the aisle that this is an important issue,' Armstrong said, cautioning however that politics can be 'messy,' though the industry can be 'flexible.' Armstrong's strongest comments were for the Securities and Exchange Commission, which he said has been on a 'path of regulation by enforcement or harassment, if you will, where every startup in the space gets a subpoena or a Wells notice and that's not sustainable and it's not okay.' When it comes to the SEC's recent court losses, Armstrong, unsurprisingly, sides with the courts. 'I agree with the judge's ruling, which is that the SEC's actions have been arbitrary and capricious and unlawful... that's a pretty serious thing for a judge to say about this SEC. I mean, the only thing worse they could say is outright corruption and fraud,' Armstrong says, adding 'everybody deserves equal treatment under the law, and the SEC cannot continue to punish crypto even if they wish that it was something else.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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