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REGISTER NOW Seven months into its legal showdown with the Securities and Exchange Commission, Ripple Labs faces an uphill battle against the government s case that it sold unregistered securities, according to a number of experts. That said, the San Francisco cryptocurrency company has assembled a high-priced legal team including former SEC commissioner Mary Jo White that has come out swinging. It has scored several early points, including getting U.S. Magistrate Judge Sarah Netburn s approval last week to depose a former division director of the SEC over the agency s objections. An SEC lawsuit filed in December accuses Ripple of violating federal securities laws. The company sold more than 14.6 billion units of XRP for $1.38 billion to fund Ripple’s operations, and to enrich its founders and current CEO, without registering those offers and sales of XRP with the commission, according to the suit. ....
SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering Washington, D.C. (Newsfile Corp. - December 22, 2020) - The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. According to the SEC s complaint, Ripple; Christian Larsen, the company s co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company s current CEO, raised capital to finance the company s business. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and ....
FOR IMMEDIATE RELEASE Washington D.C., Dec. 22, 2020 The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. According to the SEC s complaint, Ripple; Christian Larsen, the company s co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company s current CEO, raised capital to finance the company s business. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services. According to the complaint, in addition to structu ....