SEC Confirms Lawsuit Against Ripple Labs, Two of Its Executives

The U.S. SEC confirmed that it has filed an action against Ripple Labs and two of its executives, who are also significant security holders, alleging that they raised more than $1.3b through an unregistered, ongoing digital asset securities offering.

• The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide, the SEC said in an emailed statement
• Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services
• According to the complaint, in ...