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World s 3rd largest cryptocurrency crashes after lawsuit
By IANS |
Published on
Fri, Dec 25 2020 9:42 IST |
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Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years. (Xinhua/Gil Cohen Magen/IANS). Image Source: IANS News
San Francisco, Dec 25 : The value of XRP, worlds third largest cryptocurrency after Bitcoin and Ethereum, crashed more than 40 per cent after the US Securities and Exchange Commission (SEC) sued both the founder and current CEO of tech company Ripple for raising more than $1.3 billion through an unregistered securities offering after selling their cryptocurrency XRP.
According to CoinMarketCap, the XRP s declined more than 42 per cent in the past 24 hours and was down more than 63 per cent from its 30-day high of $0.76.
SEC sues Ripple and two executives for selling XRP crypto: A $1 3 billion illegal security offering kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.
Crypto Industry Insiders Comment on SEC Complaint Against Ripple Alleging Sale of Unregistered Securities in XRP Distributions
The
Securities and Exchange Commission’s (SEC) lawsuit against
Ripple is the largest enforcement action attacking the sale of a cryptocurrency to date. The SEC alleges the sale of an unregistered security in the issuance of XRP, Ripple’s native token. Ripple has been quick to defend itself posting a Wells Notice response and publicly commenting elsewhere.
Brad Garlinghouse, CEO of Ripple, took to Twitter to defend his company stating:
Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments – speed, cost, scalability and energy efficiency. It’s traded on 200+ exchanges gl
SEC sues Ripple and two executives for selling XRP crypto: A $1 3 billion securities fraud 790business.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 790business.com Daily Mail and Mail on Sunday newspapers.