• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Sunday, April 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Ripple to Face SEC Suit Over XRP Cryptocurrency

22 December 2020
in XRP
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Ripple Inc. said it will defend itself against a lawsuit from the Securities and Exchange Commission that claims the company violated investor-protection laws when it sold a bitcoin-like digital asset called XRP.

The suit, which hasn’t yet been filed, would be one of the highest-profile SEC actions against a cryptocurrency pioneer, just as the regulator’s chairman is departing at the end of the Trump administration. The SEC over the past few years has brought and mostly won civil lawsuits alleging startups trampled securities laws when they raised money by selling cryptocurrencies.

None of those companies, though, was as big as Ripple and XRP. Ripple had a $10 billion valuation in its most recent funding round in 2019, and XRP is the third-largest cryptocurrency by market value.

A representative for the SEC wasn’t immediately available for comment.

Ripple said it was informed by the commission on Monday that regulators soon plan to sue the company, Chief Executive

Brad Garlinghouse

and co-founder

Chris Larsen

in federal civil court. The company and the officers say they plan to fight the claims.

“They’re wrong in matter of law and fact,” Mr. Garlinghouse said.

The lawsuit revolves around whether XRP, a digital asset that the company launched in 2012, is actually a security that should have been registered with the SEC. Registration involves providing the SEC and the public with disclosures about a company’s business model, risks and financial condition. The SEC reviews the disclosures and provides feedback to improve them for investors.

It isn’t known what the SEC is seeking through its lawsuit, though in similar cases it has obtained financial penalties and a requirement for digital-asset sponsors to provide ongoing disclosures to investors—just like the periodic disclosures that public companies provide.

XRP is similar to bitcoin and other cryptocurrencies, but also different in key ways that sparked the SEC’s investigation. Bitcoin was an open software project launched by a pseudonymous creator calling himself

Satoshi Nakamoto.

XRP, initially called Ripple, was created, sold initially and backed by Ripple the company.

Ripple has significantly altered its relationship to XRP, turning control of its development over to an open-source network of independent developers. But the company still holds about 6.4 billion XRP directly and has an additional 48 billion held in an escrow from which it periodically sells them to the public.

It has distributed 45 billion XRP since inception. That is different from the ways in which bitcoin is created and distributed.

The SEC has said neither bitcoin nor ether, another well known cryptocurrency, are securities. But the agency has been circumspect about granting other digital assets a pass to skirt federal oversight.

Mr. Garlinghouse, who has criticized what he says is a lack of regulatory clarity for many digital assets, questioned why the commission, and specifically the agency’s chairman,

Jay Clayton,

chose now to take a stand on XRP.

“That to me makes no sense,” he said. “It’s kind of preposterous.”

Mr. Clayton has said he is leaving the SEC by the end of the year. He has mostly taken a skeptical view of cryptocurrencies, saying many appear to fall within the legal definition of a security.

Write to Paul Vigna at paul.vigna@wsj.com and Dave Michaels at dave.michaels@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Related articles

Ripple [XRP] falls to psychological support level: Can bulls step up soon

Ripple [XRP] falls to psychological support level: Can bulls step up soon

1 April 2023
XRP Closes Q1 off up 58.9% Due to Latest Lawsuit Developments By CoinEdition

XRP Closes Q1 off up 58.9% Due to Latest Lawsuit Developments By CoinEdition

1 April 2023
Cryptohopper
ADVERTISEMENT



Source link

[crypto-donation-box]
Tags: CryptocurrencyFaceRippleSECSuitXRP
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

‘There Is No Emergency Here’: Coinbase Asks FinCEN to Extend Comment Period on Wallet Regs

Next Post

Ripple CEO Warns SEC May Sue Company Over XRP Sales

Related Posts

Ripple [XRP] falls to psychological support level: Can bulls step up soon

Ripple [XRP] falls to psychological support level: Can bulls step up soon

1 April 2023
0

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

XRP Closes Q1 off up 58.9% Due to Latest Lawsuit Developments By CoinEdition

XRP Closes Q1 off up 58.9% Due to Latest Lawsuit Developments By CoinEdition

1 April 2023
0

Investor optimism for XRP rose yesterday, causing XRP’s price to gain 1.07%.XRP closed Q1 of this year with a 58.9%...

XRP Healthcare Reveals Africa Expansion Plans

XRP Healthcare Reveals Africa Expansion Plans

1 April 2023
0

The company would merge and acquire private healthcare institutions in Africa.XRP Healthcare – a Web3 healthcare solutions company building a...

Ripple [XRP] surges in this country, but pump-and-dump fears rise

Ripple [XRP] surges in this country, but pump-and-dump fears rise

1 April 2023
0

XRP’s trading volume across major South Korean exchanges jumped in the last week. There were concerns that Korean traders were...

XRP Slumps 2.6% As Ripple Unlocks 1 Billion Coins From Escrow

XRP Slumps 2.6% As Ripple Unlocks 1 Billion Coins From Escrow

1 April 2023
0

Ripple has unlocked 1 billion XRP from its escrow account.Leading Silicon Valley tech company Ripple has released an astounding amount...

Load More
Next Post

Ripple CEO Warns SEC May Sue Company Over XRP Sales

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Shiba Inu (SHIB) Breaks Out From Triangle, Here’s Next Target
  • After Manhattan Indictment, Trump’s NFT Trading Cards See Sharp Rise in Value – Here’s Why
  • Big Eyes Coin First NFT Collection Goes Live, Innovating the Presale Scene, Metacade Continues to Grow in Web3 Gaming – CryptoMode

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,422.00-0.08%
  • ethereumEthereum(ETH)$1,821.47-0.40%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$315.260.15%
  • usd-coinUSD Coin(USDC)$1.000.10%
  • rippleXRP(XRP)$0.52-0.74%
  • cardanoCardano(ADA)$0.385165-1.55%
  • dogecoinDogecoin(DOGE)$0.0826848.16%
  • staked-etherLido Staked Ether(STETH)$1,816.55-0.40%
  • matic-networkPolygon(MATIC)$1.121.10%
  • solanaSolana(SOL)$21.04-0.31%
  • polkadotPolkadot(DOT)$6.361.01%
  • binance-usdBinance USD(BUSD)$1.00-0.04%
  • litecoinLitecoin(LTC)$93.880.45%
  • shiba-inuShiba Inu(SHIB)$0.0000113.36%
  • tronTRON(TRX)$0.066170-0.88%
  • avalanche-2Avalanche(AVAX)$17.730.34%
  • daiDai(DAI)$1.00-0.02%
  • uniswapUniswap(UNI)$6.03-2.37%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,425.00-0.18%
  • chainlinkChainlink(LINK)$7.46-1.24%
  • cosmosCosmos Hub(ATOM)$11.462.88%
  • ToncoinToncoin(TON)$2.24-0.56%
  • leo-tokenLEO Token(LEO)$3.390.13%
  • ethereum-classicEthereum Classic(ETC)$21.031.81%
  • stellarStellar(XLM)$0.1104711.60%
  • moneroMonero(XMR)$159.081.48%
  • okbOKB(OKB)$41.78-0.21%
  • bitcoin-cashBitcoin Cash(BCH)$125.970.65%
  • filecoinFilecoin(FIL)$5.710.60%
  • hedera-hashgraphHedera(HBAR)$0.0754406.74%
  • AptosAptos(APT)$12.117.77%
  • lido-daoLido DAO(LDO)$2.400.09%
  • true-usdTrueUSD(TUSD)$1.000.04%
  • quant-networkQuant(QNT)$127.562.60%
  • crypto-com-chainCronos(CRO)$0.0694680.14%
  • nearNEAR Protocol(NEAR)$2.000.75%
  • vechainVeChain(VET)$0.0235691.24%
  • ArbitrumArbitrum(ARB)$1.28-4.56%
  • apecoinApeCoin(APE)$4.332.34%
  • algorandAlgorand(ALGO)$0.222472-0.38%
  • internet-computerInternet Computer(ICP)$5.241.81%
  • eosEOS(EOS)$1.200.05%
  • fantomFantom(FTM)$0.4692670.94%
  • the-graphThe Graph(GRT)$0.143016-0.32%
  • blockstackStacks(STX)$0.89-1.45%
  • the-sandboxThe Sandbox(SAND)$0.641.18%
  • decentralandDecentraland(MANA)$0.624.54%
  • theta-tokenTheta Network(THETA)$1.081.13%
  • elrond-erd-2MultiversX(EGLD)$42.50-0.05%