The SEC has filed charges in New York against Ripple Labs and its current and former CEOs. Yesterday CEO Brad Garlinghouse announced on Twitter that he was expecting the move. We’ve uploaded the full SEC legal filing and earlier this month Ripple published arguments why the don’t believe XRP is a security.
Allegations include that since 2013 they raised more than $1.3 billion through an unregistered digital asset securities offering and that the activity is ongoing. Gains of $600 million are allegedly attributed to the CEOs personally.
“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, Director of the SEC’s Enforcement Division.
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