Notes

SEC vs Ripple: Key Upcoming Deadlines in the XRP-Related

<h1 style="clear:both" id="content-section-0">The Basic Principles Of : 21 Dec 2020 — A potential lawsuit over Ripple and XRP<br></h1>
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<p class="p__0">Washington D.C., Dec. 22, 2020 The Securities and Exchange Commission revealed today that it has filed an action against Ripple Labs Inc. and 2 of its executives, who are also significant security holders, declaring that they raised over $1. 3 billion through an unregistered, continuous digital property securities offering. According to the SEC's grievance, Ripple; Christian Larsen, the company's co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company's existing CEO, raised capital to finance the company's business.</p>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F8b47c7f4-88a5-4f82-ac40-6513d1ef71ac.png?fit=scale-down&amp;source=next&amp;width=700" alt="SEC vRipple: Implications of Ripple's Fair Notice Defense"><span style="display:none" itemprop="caption">Ahead of The Ripple (XRP) SEC Court Date, Flare Network Declares its Support - Blockchain News</span>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://cloudfront-us-east-2.images.arcpublishing.com/reuters/F3YOJD5GWZINNBWRLBRVJUFFMU.jpg" alt="Ripple's Vs SEC pre-trial date set by New York Court as XRP collapses - ELEVENEWS"><span style="display:none" itemprop="caption">SEC Set to Disclose Internal Documents on XRP, Bitcoin, Ether - BTCMANAGER</span>
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<p class="p__1">and worldwide. Ripple likewise supposedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services. According to the complaint, in addition to structuring and promoting the XRP sales used to finance the business's company, Larsen and Garlinghouse also effected individual unregistered sales of XRP totaling around $600 million.</p>
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<p class="p__2">"Providers looking for the benefits of a public offering, including access to retail financiers, broad circulation and a secondary trading market, need to abide by the federal securities laws that need registration of offerings unless an exemption from registration applies," stated Stephanie Avakian, Director of the SEC's Enforcement Department. "We allege that Ripple, Larsen, and Garlinghouse stopped working to register their ongoing deal and sale of billions of XRP to retail financiers, which deprived prospective buyers of sufficient disclosures about XRP and Ripple's business and other crucial long-standing securities that are fundamental to our robust public market system." "The registration requirements are designed to guarantee that potential investors including, notably, retail financiers get essential information about a company's service operations and monetary condition," said Marc P.</p>
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<h1 style="clear:both" id="content-section-1">SEC Cryptocurrency Industry Attack in the US - Ripple for Dummies<br></h1>
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<p class="p__3">"Here, we declare that Ripple and its executives stopped working over a period of years to please these core investor defense provisions, and as a result investors did not have info to which they were entitled." The SEC's problem, submitted today in federal district court in Manhattan, charges accuseds with violating the registration provisions of the Securities Act of 1933, and looks for injunctive relief, disgorgement with prejudgment interest, and civil penalties.</p>
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<img width="438" src="https://pbs.twimg.com/media/DlpptoqU8AA1y8d.jpg:large">
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<p class="p__4">Waxman, Jon A. This Author , and John O. Enright of the SEC's Cyber Unit. The case is being monitored by Kristina Littman, Chief of the SEC Enforcement Division's Cyber System. The SEC's litigation will be conducted by Jorge G. Tenreiro, Dugan Happiness, Ms. Waxman, and Mr. Daniels, and supervised by Preethi Krishnamurthy.</p>
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