During December of 2020, the SEC initiated legal action against Ripple Labs, alleging that the company engaged in an unregistered securities offering through the sale of XRP, which was deemed a security by the SEC. In July of the previous year, a U.S. court ruled that Ripple’s sales of XRP to institutional investors met the criteria for securities transactions. Nevertheless, it also determined that the sale of XRP on public exchanges did not meet the definition of a security. In October, the SEC challenged this ruling and requested further clarification on the legal status of XRP.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
