Cryptocurrency

Ripple's CEO pre-announced an SEC lawsuit against Ripple, his co-founder, and himself regarding their XRP (XRP) sales.

Ripple's CEO pre-announced an SEC lawsuit against Ripple, his co-founder, and himself regarding their XRP (XRP) sales. Fortune was first to break the story. We previously published an in-depth Ripple edition here at Inside Cryptocurrency, and have followed the "never-ending" ICO of XRP for years.

Pre-announcing the SEC:

  • Ripple CEO Brad Garlinghouse said that yesterday the SEC "voted to attack crypto" and is preparing a lawsuit against Ripple, co-founder Chris Larsen (a billionaire due to his personal XRP liquidations), and himself.
  • The SEC announced the lawsuit moments before publication.
  • The SEC's lawsuit claims that XRP are unregistered securities. Moreover, it claims that Ripple and its executives failed over a period of years to satisfy "core investor protection provisions, and as a result investors lacked information to which they were entitled."
  • Garlinghouse oddly chose to pre-announce the suit, likely due to his knowledge of non-public, discovery processes that started long ago.
  • From its high last week of $0.65, XRP has declined over 25% to $0.46 today.