Ripple CEO Turns Down SEC Settlement Offer Electing to Fight Charges Instead
Things not looking good in the Ripple camp – not the best time to be a part of the XRP Army!
Ripple CEO Turns Down SEC Settlement Offer Electing to Fight Charges Instead
“Earlier this week, the Ripple CEO Brad Garlinghouse said the SEC intends to file charges against the San Francisco-based fintech giant. This was an unusual move in that it’s typical for regulators to go public first.
Ripple was unsure when the SEC would announce the news. But as sure as night follows day, the SEC has now posted a press release on the matter detailing the nature of their complaint.
They allege Ripple, its co-founder Chris Larsen, and Brad Garlinghouse raised over $1.3 billion by selling an unregistered asset.
The SEC also claims Larsen and Garlinghouse personally benefited from unregistered XRP sales to the tune of $600 million.
‘in addition to structuring and promoting the XRP sales used to finance the company’s business, Larsen and Garlinghouse also effected personal unregistered sales of XRP totaling approximately $600 million. The complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.’”
