United States of America: Announced SEC public lawsuit against Ripple Labs Inc over alleged unlawful offer and sale of securities
Description
Announced SEC public lawsuit against Ripple Labs Inc over alleged unlawful offer and sale of securities
The Securities and Exchange Commission (SEC) announces a complaint against Ripple Labs Inc. at the District Court for the Southern District of New York. According to the SEC, Ripple raised funds through the sale of digital assets known as "XRP" that were offered and sold without registration. The SEC claims that digital assets such as XRP shall comply with federal securities laws.
Original sourceScope
Policy Area
Other operating conditions
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
judiciary
Government Body
court
Complete timeline of this policy change
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2020-12-22
under deliberation
2023-07-13
under investigation
2023-08-18
under appeal