The SEC also charged two executives of San Francisco-based Ripple for personal gains they received from the offering.Globally, financial regulators are still assessing how they should regulate cryptocurrencies like Bitcoin and its rivals. Future court battles could determine whether cryptocurrencies make the leap from a niche to a mainstream asset.“The SEC is fundamentally wrong as a matter of law and fact,” the company said on Tuesday.
The company also “distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services,” the SEC said, adding that Larsen and Garlinghouse personally profited by approximately $600 million from their unregistered sales of XRP. “We are right and will aggressively fight - and win - this battle in the courts to get clear rules of the road for the entire industry in the U.S.,” Garlinghouse said in an emailed statement.
The SEC is corrupt and want Russia and China to destroy the future of USA opportunity. This is a way to undermine the Biden Administration as they will be blamed for the most reckless financial disaster in recent history. XRP functions, is a US company and doesn't waste energy.
Ripple is going to tank