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Ripple to Face SEC Suit Over XRP Cryptocurrency Against Investor-protection Laws
Summary: According to the Wall Street Journal, Ripple said it will defend against a lawsuit brought by the US Securities and Exchange Commission (SEC). The SEC stated that the company violated investor protection laws when selling XRP. Ripple said that the company received a notice from SEC on Monday that the regulator plans to sue the ...
According to the Wall Street Journal, Ripple said it will defend against a lawsuit brought by the US Securities and Exchange Commission (SEC). The SEC stated that the company violated investor protection laws when selling XRP. Ripple said that the company received a notice from SEC on Monday that the regulator plans to sue the company, CEO Brad Garlinghouse, and co-founder Chris Larsen in federal civil court soon. Brad Garlinghouse stated that the SEC was "wrong in law and fact." It is reported that this lawsuit revolves around the registration of the company's digital asset XRP launched in 2012 with the SEC. The registration involves disclosing the company's business model, risks and financial status to the SEC and the public. The lawsuit, which hasn’t yet been filed, would be one of the highest-profile SEC actions against a cryptocurrency pioneer.
By Amy Liu
Tags: Crypto,Lawsuit,Ripple,SEC,XRP
Link: Ripple to Face SEC Suit Over XRP Cryptocurrency Against Investor-protection Laws [Copy]
