Here’s what happened
The Securities and Exchange Commission has filed an action against Ripple and two of its executives. They have allegedly raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
The SEC says that Christian Larsen, Ripple’s co-founder, executive chairman of its board, and Bradley Garlinghouse, CEO, raised capital to finance the company’s business.
The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of XRP assets in unregistered security offering to investors in the US and worldwide.
Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.
According to the complaint, Larsen and Garlinghouse also affected personal unregistered sales of XRP totaling nearly $600 million.
We’ve reported that Pizza Hut Venezuela has partnered with Cryptobuyer to enable customers to pay with cryptocurrency.