$ 107,473.2
€ 91,227.3
£ 78,312.7
¥ 15,509,173.8
CZK 2,257,463.0
BTC
0.03 %
$ 2,496.51
€ 2,119.43
£ 1,818.58
¥ 360,282.4
CZK 52,410.8
ETH
2.35 %
$ 2.27
€ 1.92
£ 1.65
¥ 326.99
CZK 47.59
XRP
3.51 %
$ 0.2379
€ 0.2020
£ 0.1734
¥ 34.22
CZK 5.00
XLM
0.90 %
/?pid=22156

Updated:02:01 PM EDT Jun 30


this is ggmania.com subsite US regulator charges Ripple over its XRP asset - TechAmok

US regulator charges Ripple over its XRP asset - [briefly]
02:25 AM EST - Dec,24 2020 - post a comment

Blockchain company Ripple has been running a $1.3 billion unregistered offering, akin to an unlicensed stock sale, according to a complaint filed Tuesday by the US Securities and Exchange Commission. The suit revolves around XRP, launched in 2013, which Ripple calls a cryptocurrency. The SEC says XRP is an "unregistered securities offering to investors in the US and worldwide." "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, SEC Enforcement Division director, in a statement. Tuesday's suit amounts to one of the most significant federal actions taken to shift unlicensed cryptocurrencies under the umbrella of more traditional registered securities. As the crypto industry has exploded in the last decade, the SEC and other agencies have struggled to classify and regulate them. In a separate action, the US Treasury's Financial Crimes Enforcement Network last week proposed new disclosure rules to better keep tabs on crypto wallets.

XRP's value had fallen by about 22% by early Wednesday, having almost completely wiped out the gains of the past month that took it to two-year highs. The San Francisco company, along with co-founder Christian Larsen and CEO Bradley Garlinghouse, were named in the suit. The executives have personally sold about $600 million in XRP, the SEC said. Ripple violated federal securities laws by not registering XRP as a security, which would require greater disclosure, giving investors a more complete background as they value it, the SEC said. "Here, we allege that Ripple and its executives failed over a period of years to satisfy these core investor protection provisions, and as a result investors lacked information to which they were entitled," said Marc P. Berger, deputy director of the SEC's Enforcement Division. Garlinghouse late on Tuesday said the SEC hadn't given the company "clarity" on how its XPR offering is classified - currency or security. "To be clear, this is all based on their illogical claim that XRP is, in their view, somehow the functional equivalent of a share of stock," Garlinghouse wrote on Ripple's company blog. Ripple had begun its campaign against the SEC suit before it was even filed. Garlinghouse had let loose on the SEC on Twitter, saying in part that its chair, Jay Clayton, was "taking notes from the Grinch this holiday season."


Add your comment (free registrationrequired)

Short overview of recent news articles

Jun,30 2025 NVIDIA GeForce RTX 5080 SUPER Could Feature 24 GB Memory, Increased
Jun,29 2025 Guess What Nvidia Did THIS Time
Jun,28 2025 The 10 Best Dinosaur Movies of All Time
Jun,28 2025 Microsoft officially confirms that Windows 11 version 25H2 is coming
Jun,26 2025 Eddington - Official Trailer 2 (2025) Joaquin Phoenix, Pedro Pascal
Jun,25 2025 Microsoft Say System Restore Points Now Expire After 60 Days
Jun,25 2025 Facebook, Netflix, and Microsoft Websites Hijacked to Insert Fake
Jun,24 2025 I put a $3000 GPU in my Average PC... It Was a Mistake
Jun,24 2025 Best External SSD for Mac 2025: After Weeks of Testing, Here's What
Jun,23 2025 Mostly boob jokes this week (RTX 5090 DD) - Tech News June 22
Jun,21 2025 Superman - Official 30 Second Spot (2025)
Jun,21 2025 'The fastest road car I've ever been in!' - Ferrari F80 track day
Jun,20 2025 CPU SCAM: AMD Ryzen 9800X3D Counterfeits & Fraud
Jun,19 2025 28 Years Later Review
Jun,18 2025 HW News - NVIDIA "N1x" CPU Leak, ASUS Xbox ROG Ally, More Intel
Jun,17 2025 NVIDIA GeForce 576.80 WHQL Driver
Jun,16 2025 The Fantastic Four: First Steps - Official 'H.E.R.B.I.E.' Teaser
Jun,15 2025 Huawei Maextro S800 First Look - A True BMW & Mercedes Killer?
Jun,14 2025 Upgrade Windows 10 to Windows 10 LTSC Without Losing Data
Jun,14 2025 Squid Game: Season 3 - Final Games Trailer
Jun,11 2025 WWDC 2025: Everything Revealed in 9 Minutes
Jun,10 2025 Microsoft June 2025 Patch Tuesday fixes exploited zero-day, 66 flaws
Jun,10 2025 This Malware BREAKS WINDOWS!
Jun,10 2025 Reset Forgotten Password without Any Software, without USB drive in
Jun,08 2025 Microsoft Will Block Unsupported Hardware For Windows 11
Jun,08 2025 Memory Wars! Apple vs Ryzen - Is Unified Memory Faster than Shared
Jun,06 2025 Predator: Killer of Killers - Exclusive Clip (2025)
Jun,06 2025 Enable Deep Effect on Samsung One Ui 7
Jun,05 2025 Google Kills Off PayPal in Google Wallet
Jun,05 2025 Samsung's Next Flagship Foldable Will be Ultra
Jun,05 2025 Over 40 Malicious Chrome Extensions Mimic Popular Brands to Steal
Jun,03 2025 The Witcher IV - Unreal Engine 5 tech demo
Jun,02 2025 Nintendo Switch 2 Welcome Tour trailer
Jun,01 2025 Stranger Things 5 | Date Announcement | Netflix
May,31 2025 RTX 5060 Review... No wonder NVIDIA tried to stop us from talking
May,30 2025 Samsung Galaxy Watch 8 Classic Is Here - 7 New Updates
May,30 2025 Biggest Windows 11 24H2 May Update in the Main Release
May,29 2025 How Much Money Should You Spend on a Gaming PC?
May,29 2025 laud Note vs Note Pin - Which AI Voice Recorder To Choose
May,29 2025 Samsung One UI 8.0 vs One UI 7.0 - 25+ Changes
>> News Archive <<

TechAmok - Privacy Policy        loading time:0.01secs