Ripple’s XRP has lost more than $3.6 billion after the company revealed that it’s expecting a lawsuit from the US Securities and Exchange Commission (SEC). According to Ripple, the SEC may file a lawsuit based on an alleged sale of illegal securities.
Speaking to , Ripple CEO Brad Garlinghouse said that the authority would also name himself and the company’s co-founder Chris Larsen as defendants.
In reaction to the potential lawsuit, XRP lost billions in market value and is currently down 20.89% to $0.469145.
The CEO commented on the anticipated lawsuits. He said that the SEC’s claim is wrong based on law and fact. He added:
“XRP is a currency, and does not have to be registered as an investment contract.”
Speaking on the wrong timing of the lawsuit, he said further:
reportImage Credits: Pixabay
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