Grayscale announced last night that the US Securities and Exchange Commission (SEC) decided to dissolve the XRP Trust fund after claiming XRP was a security. Grayscale said the cash proceeds from the Trust's liquidated XRP will be distributed to Trust shareholders.
Grayscale Investments, the world's largest cryptocurrency asset manager, announced that it has begun dissolving the Grayscale XRP Trust following the SEC lawsuit against Ripple Labs.
Grayscale announced that the cash proceeds from the trust's liquidated XRP will be distributed to shareholders. SEC records show that the XRP Trust has raised $ 19.2 million from 70 investors in its nearly three-year term. According to the data obtained, there are 38 million XRP in the XRP Trust.
Grayscale made the following statement:
"It will be increasingly difficult for US investors, including Trust, to convert XRP to US dollars, and therefore for Trust to continue its operations."