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Ripple s XRP token has fallen more than 30% after the SEC filed a lawsuit against the cryptocurrency firm
Ripple s XRP token has fallen more than 30% after the SEC filed a lawsuit against the cryptocurrency firm
Amanda CooperDec 23, 2020, 18:50 IST
A ripple coin stands on a tableThomas Trutschel/Getty Images
Ripple s
XRP cryptocurrency tumbled by as much 32% on Wednesday, after the US regulator filed a lawsuit against the company s executives over sales of the token.
XRP lost as much as a third in value after the US regulator charged cryptocurrency firm
Ripple over how it has sold the digital token.
The token fell to its lowest since November 20, effectively wiping out all of last month s 177% gain.
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US regulator charges Ripple over its XRP asset, saying it s a $1.3 billion unregistered offering, not a cryptocurrency
US regulator charges Ripple over its XRP asset, saying it s a $1.3 billion unregistered offering, not a cryptocurrency
Kevin ShalveyDec 23, 2020, 16:21 IST
The Ripple logo is seen at the SIBOS banking and financial conference.Chris Helgren/Reuters
Blockchain company
Ripple has been running a $1.3 billion unregistered offering, akin to an unlicensed stock sale, according to a complaint filed Tuesday by the US
Securities and Exchange Commission. Issuers seeking the benefits of a public offering, including access to retail investors, broad distribution and a secondary trading market, must comply with the federal securities laws that require registration of offerings unless an exemption from registration applies, said Stephanie Avakian,