The SEC alleges that Larsen and Garlinghouse engaged in unregistered individual XRP sales, from which they received at least $450 million and $150 million.
SEC v. Ripple Court Filing, retrieved on July 13, 2023 is part of . You can jump to any part in this filing . This part is 11 of 18. HackerNoon’s Legal PDF Series here DISCUSSION II. Analysis B. Defendants’ Offers and Sales of XRP The parties cross-move for summary judgment on the SEC’s claim under Section 5 of the Securities Act. Whether Defendants offered or sold “investment contracts” is a legal question that the Court resolves based on the undisputed record. See SEC v. Thompson, 732 F.
The SEC alleges that Ripple engaged in three categories of unregistered XRP offers and sales: Institutional Sales under written contracts for which it received $728 million; Programmatic Sales on digital asset exchanges for which it received $757 million; and Other Distributions under written contracts for which it recorded $609 million in “consideration other than cash.” SEC Reply at 4–5, ECF No. 843.
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