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Author: Admin | 2025-04-27
Ripple Labs raised over $1.3 billion through offering XRP.Ripple Labs, however, disputed this classification. It argued that XRP performs numerous actions, such as acting as a means of exchange, that make it not a security. They contended that they have not violated securities laws and that the SEC's action was an overreach of its authority. In June 2023, Ripple won a partial legal victory with the SEC when a judge ruled that, though the direct sale of XRP to institutional investors constituted unlawful securities sales, Ripple using "blind bid" sale (not knowing who the buyer is) did not break securities laws. In October 2023, the SEC dropped claims that Garlinghouse and Larsen violated securities laws. This was a move that allowed the agency to more quickly appeal parts of the case it previously lost.Ripple's continued resistance against the SEC's allegations has resulted in a prolonged legal battle with an uncertain outcome. This ongoing litigation has raised questions about the regulatory landscape for cryptocurrencies and the potential implications for other digital assets.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.AUTHOR MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn. See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. + Follow us on Google News More by MK Manoylov
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