XRP price plummets as Ripple slammed by U.S. SEC over $1.3b in illegal sales
BTC $23,528 (+1.4%) • ETH $605 (-1.3%) • XRP $0.34 (-29.9%)
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XRP holders in Asia woke up to a red morning as the US Securities and Exchange Commission officially filed a charge sheet against Ripple, one day after CEO Brad Garlinghouse leaked the news on social media.
The SEC, in its filing, said payments technology firm Ripple unlawfully sold over $1.3 billion worth of XRP tokens over the years, despite otherwise distancing itself from the cryptocurrency.
It added that “Ripple was warned by lawyers” that its tokens could be security (and thus required licensing), but the firm paid no heed and continued to build out its business in the following years.
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