Crypto Issuer Ripple Targeted in Florida Securities Class Suit

Ripple Labs Inc. harmed Florida investors when it unlawfully sold its XRP crypto-assets without registering them as securities, a new lawsuit alleges on behalf of a would-be statewide class.

Tyler Toomey lost more than half of his small investment of about $100 in XRP tokens between his purchase on Nov. 24, 2020, and his sale in two transactions on Dec. 7 and Dec. 28, he says in a complaint filed Monday in the U.S. District Court for the Middle District of Florida.

The SEC sued Ripple Dec. 22 for violating federal securities laws, according to the complaint. After that, major ...