(Seoul = Yonhap News) Reporter Kyung Soo-hyun = On the 22nd (local time) of the U.S. securities authorities, along with Bitcoin and Ethereum, Ripple Labs and the founder of the company, who led the launch of XRP, one of the world’s three largest cryptocurrencies, They filed a lawsuit against them for violating investor protection regulations.
According to the Wall Street Journal (WSJ), the U.S. Securities and Exchange Commission (SEC) claimed that Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larson should return the profits from Ripple sales along with a fine. Submitted.
The SEC argued that cryptocurrency Ripple is an illegal securities that did not properly go through the public offering procedure by law, and claimed that the defendants had been selling $1.38 billion worth of Ripple.
The key issue in this lawsuit is whether or not Ripple, a cryptocurrency, will be judged as a securities.
However, Ripple is a cryptocurrency like Bitcoin, but it has a clear developer rather than an anonymous developer, and the SEC has not said that Bitcoin or Ethereum is a securities until now, the journal explained.
Ripple is a cryptocurrency launched in 2012 led by the founders of Ripple Labs, although the company later handed over the initiative to an independent developer network, it still holds 6.4 billion Ripples.
The number of ripples distributed so far is 45 billion, which has been estimated to be the third largest after Bitcoin and Ethereum in terms of market value.
Ripple’s lawyers argued that “Ripple is one of the three largest cryptocurrencies with billions of dollars per day, and is a currency like Bitcoin or Ethereum,” and “is different from the ICOs that SEC has been dealing with.”
For a while, the SEC has generally won a lawsuit against a company that has issued cryptocurrencies for illegal securities issuance violations.
But it wasn’t as big a cryptocurrency as Ripple, the journal added.
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2020/12/23 11:54 sent