The US Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, the firm that created the XRP cryptocurrency, for allegedly selling unregistered securities. According to the SEC, XRP coins were sold to investors by Ripple and its executives for approximately $1.3 billion without being registered as securities or applying for an exemption.
In response, Ripple asserts that XRP is a digital asset that enables international payments rather than security, refuting the accusations. Thousands of innocent XRP investors who utilize the currency for a variety of purposes have been damaged by the SEC’s case, according to Ripple.
The chief executive officer of Ripple, Bradley Garlinghouse, thanked the XRP community in a tweet for its love and support throughout the legal dispute with the Securities and Exchange Commission of the United States (SEC).
Following a discussion with certain XRP community members at the XRP Las Vegas 2023 event, Ripple CEO said this: “Great to meet so many folks from the XRP community at Las Vegas 2023—the camaraderie is remarkable (and an amazing feeling in person vs. Twitter!)!”
Garlinghouse also expressed his gratitude to the public for helping Ripple’s legal team in “the good fight” against the SEC.
The two-day XRP Las Vegas 2023 conference is being organized by Digital Perspective’s creator, Bradley Kimes.
It is also well known that the XRP community is firmly behind Ripple in its legal fight with the Securities and Exchange Commission. Cryptocurrency backers are aware that a victory for Ripple is also a victory for XRP, which has fallen drastically as a result of the litigation.
Supporters of XRP have been helpful in the company’s legal defense against the SEC, in addition to tweeting their support for Ripple.
As previously reported, through their lawyer, John Deaton, the over 75K members of the XRP community submitted an amicus curiae brief in the SEC vs. Ripple dispute.
To bolster its case against the SEC, Ripple also provided more than 3,500 affidavits from members of the XRP community.