Revisiting Ripple's Legal Battle with SEC on Its One-Year Anniversary

Ripple CEO Brad Garlinghouse hopes that the high-profile case will resolve in 2022. Read the full article by Alex Dovbnya

Today is officially the one year anniversary since the SEC sued Ripple and its high-up executives for issuing an “unregistered security”. This sent the price of XRP down by 60% and cost many people a lot of money.

The complaint by the SEC alleged that both CEO Brad Garlinghouse and co-founder Chris Larson made $1.3 billion in illegal sales. Following this announcement, XRP trading was shut down by every major crypto exchange in the United States. Although you were not able to trade the token you were able to send it to other wallets off the exchanges.

Not long after being served Ripple voiced their opinion by saying that there is nothing differentiating XRP from Bitcoin and ETH which are not considered securities. The XRP community has also been vocal about their stance in the case and a judge even allowed them to speak in court in defense of Ripple.

From the start we knew that this case would get dragged out by the SEC as they were looking to make a statement to other crypto-based projects operating in the US. One reason they may have singled out Ripple is that no one knows who made Bitcoin and ETHs founders do not operate in the US. Hopefully this comes to an end soon.