SEC to Sue Ripple For Alleged Sale of Unregistered Securities

ripple hq 768x403

The Securities and Exchanges Commission (SEC) apparently thinks the third biggest crypto is a security with plans to sue Ripple Incorporated, it’s co-founder Chris Larse and the Chief Executive Brad Garlinghouse. The latter went to Fortune, telling them SEC plans to file a lawsuit in the near future over the alleged sale of unlicensed securities. SEC has not yet responded to a request for comments, with the agency previously determining both bitcoin and ethereum are not securities. Instead fall within the jurisdiction of the Commodities Futures Trading Commission (CFTC). No such determination has been made in regards to XRP, but Garlinghouse’s revelation of a planned lawsuit suggests SEC thinks it’s a security, with Ripple disputing it. The latter is valued at $10 billion for the company itself, thus any lawsuit may be appealed all the way to the Supreme Court. “Today, the SEC voted to attack crypto. Chairman Jay Clayton…

Read the original article here