U.S. SEC charges blockchain company Ripple for conducting an unregistered securities offering

  • 📰 Reuters
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

The U.S. Securities and Exchange Commission (SEC) on Tuesday charged Ripple, the blockchain payments company associated with the cryptocurrency XRP, with conducting a $1.3 billion unregistered securities offering.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines