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Ripple About to Face Lawsuit Over Unlicensed Security

Ripple About to Face Lawsuit Over Unlicensed Security
  • According to Fortune, Ripple’s company will soon face a security lawsuit by the US Securities and Exchanges Commission (SEC).
  • This is as a result of a recent alleged sale of unlicensed securities.

Ripple has announced that the Securities and Exchange Commission (SEC) plans to file a lawsuit against the company. This is as a result of an alleged unlicensed securities trade of its XRP asset.

According to Ripple, the upcoming crypto lawsuit will possibly name lots of Ripple’s executives like CEO Brad Garlinghouse and Co-Founder Chris Larsen as defendants.

If the SEC pushes through the lawsuit, the action will be debated thoroughly between both firms for years. This is to know as to whether XRP is a security-like asset that must undergo SEC’s registration.

Ironically, Garlinghouse brought out a prediction that Biden’s administration will influence positivity in the crypto industry. He continued that this will be more friendly as compared to the Trump administration. As per Garlinghouse, Ripple’s announcement may be political.

Additionally, Garlinghouse blasted the agency and its chairman Jay Clayton’s decision on why the sue must follow at the time the SEC’s officials are departing as of the presidential transition.

Garlinghouse said,

Clayton did this with one foot out the door. Rather shamefully, he has decided to sue Ripple, and leave the legal work to the next chairman.

Despite the sue, he added that the SEC has “not only attacked Ripple but the entire crypto industry and American innovations”.

He added that they need to “stand up for all of crypto” and not allow the SEC to “bully” the industry.

As such, Ripple announced earlier that it has plans to relocate its headquarters outside the US.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.