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Why Ripple Didn’t Register XRP with US SEC, CEO

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During a recent interview, Ripple’s CEO, Brad Garlinghouse, stated that the exchange is ready to spend up to $200 million to defend itself against the United States Securities and Exchange Commission.

When asked why Ripple didn’t register XRP with US SEC, Garlinghouse said there was no framework in the US to register digital assets.

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Ripple Tried to Register XRP But Couldn’t

During the interview, a venture capitalist, Jason Calacanis, declared that Ripple’s XRP is a security.

According to the venture capitalist, the Ripple team could have spent lesser money if they had initially registered XRP as a security.

Calacanis further said that Ripple should have adhered to the same rules and regulations as every other person in the market.

However, Garlinghouse repudiated Calacanis’s claim and asked when he became aware of the securities law.

Additionally, he stated that the lack of a clear framework for digital assets registration in the United States hindered the company from registering.

SEC Vs. Ripple Case

The legal battle between Ripple and the SEC hinges on whether XRP is a Security or not.

The war is lingering as the community awaits the summary judgment.

The SEC alleged that since 2013 up to the present, Ripple Labs had sold more than 14.6 billion units of its digital assets security known as XRP.

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According to the suit, the securities were sold to gain cash or other considerations that amounted to $1.38 billion to finance Ripple’s activities and enrich Garlinghouse and Larsen.

The case further disclosed that Ripple Labs distributed these digital assets while it hadn’t registered its sales and offer with the Securities and Exchange Commission as per the Federal Securities laws.

In contradiction, the blockchain company Ripple claims that its XRP is a digital currency, not a security requiring registration.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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