The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. According to the SEC's complaint, Ripple; Christian Larsen, the company's co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company's current CEO, raised capital to finance the company's business. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital ... (full story)

According to a lawsuit filed Tuesday, Ripple raised $1.3 billion over a seven-year period to retail investors through its sale of XRP (-10.1%) in an ongoing sale. Ripple CEO Brad Garlinghouse announced Monday that the SEC had told his company of the impending lawsuit, and published the payment firm’s Wells Response, a document which seeks to tell the SEC why certain activity did not violate U.S. securities laws. For its part, the San Francisco-based fintech firm has long maintained that XRP the cryptocurrency is separate from Ripple the company. The cryptocurrency was often referred to as “ripple” through early 2018 ... (full story)