The stock market has been suffering sporadic falls and rises that has affected investor sentiments within the industries. At the moment, the market was on the course for a decline that was mainly fueled by growing fears of the United States economy and its negative effects.
This hold-back has mainly been felt in the Asian market, which was the biggest victim and resulted in major Asian markets closing lower than before. A majority of the investors are waiting for updates from the all-important meeting between US President Donald Trump and Chinese premier Xi Jinping.
The market crash reflected across the ocean too, with the Wall Street, Dow Jones Industrial Average and the S&P 500 all closing lower. The Dow Jones was also affected by reports that emerged on Thursday that retail sales sank 1.2 percent in December which is the largest market fall since September 2009.
Back in Asia, The Shanghai composite, slipped 1.37 percent to close at 2,682.38 while he Shenzhen component declined 1.148 percent to close at 8,125.63. At the same time, the Shenzhen composite closed at 1,389.47.
The Asian market’s behavior can be judged based on the projected Chinese inflation data for the month of January, which had missed the mark. Julian Evans-Pritchard, senior China economist at Capital Economics had said:
“While CPI remains at a comfortable level the weak producer price numbers are a concern since these are highly correlated with profit growth in industry.”
Another market that was affected was Japan, as Nikkei 225 fell by 1.13 percent while closing at 20,900.63. The price fall also spread to Japanese conglomerate Softbank Group, with the financial behemoth falling by 4.4 percent. The South Korean market had a bad day too, with Kospi sliding 1.34 percent while giants like Samsung fell by 3.05 percent and SK Hynix fell by 4.6 percent.
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Ripple’s XRP II in fresh controversy after NYDFS denies FOIL requesting affiliate sales, discount policies
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.
Today, after 3.5 months, I received a response. They denied the request.
— Ryan Selkis (@twobitidiot) 13 May 2019
According to the reply he received, the reason stated for denial of the FOIL was that disclosure of such sensitive information would cause “substantial competitive injury to the subject enterprise.” Commenting on the reason given by the financial body for denying his request, Selkis stated in an apparent sarcastic tone that “disclosing the discounts Ripple and its affiliate were negotiating with its heavily marketed commercial partners was off-limits.”
He further accused NYDFS of deeming “public benefit” inconsequential and alleged that NYDFS did not believe that public XRP investors had the right to know the discounts to spot that its affiliates receive and the implied dilution rate.
Furthermore, he equated the denial of his FOIL request to “regulatory capture.” He said,
“If a regulated entity can get away with this sort of material obfuscation, imagine what the status quo is today in crypto.”
Though it is unlikely that this news would affect the larger public sentiment, many Twitter users encouraged Selkis to get to the bottom of this and expose any illegal doing. Twitter user, @TheGloballer, commented,
“I love the truth-seeking for shady crypto practices. Keep up the pursuit. Especially XRP.”
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