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The SEC has faced recent defeats in the case, including an unexpected ruling by Judge Analisa Torres in July that found that Ripple's sale of XRP on exchanges did not constitute an unregistered ...
The case is SEC v Ripple Labs Inc et al, U.S. District Court, Southern District of New York, No. 20-10832. (Reporting by Jonathan Stempel and Jody Godoy in New York; Editing by Edwina Gibbs)
In its December 2020 lawsuit, the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
Garlinghouse joined Ripple as COO in April 2015, reporting to then CEO and co-founder Chris Larsen. He was promoted to CEO in December 2016. [8] In December 2019, Garlinghouse announced that Ripple had raised a $200M series C funding round from Tetragon, SBI Ventures and Route 66 Ventures. [9]
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The open-source project was originally called "Ripple", the unique consensus ledger was called the Ripple Consensus Ledger, the transaction protocol was called the Ripple Transaction Protocol or RTXP and the digital asset (known as "ripples") using XRP as the three-letter currency code to follow the naming convention of BTC for Bitcoin.
The SEC sued Ripple in 2020, alleging that the sale of XRP was an unregistered securities offering. The judge's reasoning was that the institutional investors "would have purchased XRP with the ...
A US judge denied an attempt by the Securities and Exchange Commission to appeal a ruling that digital tokens are not securities when sold to the general public, another blow to the agency's ...