The U.S. Securities and Exchange Commission (SEC) sues Ripple for $1.3 Billion unregistered security offering

The United States SEC has officially sued Ripple (XRP) for $1.3 Billion unregistered securities offering and now the coin has to face many implications that might be irretrievable for its owners

Ripple, one of the largest companies in the Cryptocurrency field will be sued by U.S. Securities and Exchange Commission for providing unlicensed securities on behalf of Ripple (XRP) token. However, Ripple’s CEO, Brad Garlinghouse stated that they are ready to face any legal issues against them.

As for the SEC, they didn’t miss any time and immediately announced that they are already working on pressing formal charges against XRP token for selling unlicensed securities to the industry. Of course, the lawsuit also implements CEO Brad Garlinghouse and its CO-Founder Chris Larsen as defendants.

According to the recent news, the world’s third largest cryptocurrency immediately dropped %14, but things took a turn for the worse as another 6% drop was added in the next few hours leading to a total 20% plunge for the token moving the price all the way down to $0.34.

All in all, Ripple’s CEO stated that the XRP token will continue to work properly for its clients and fans as the damage could be big but not necessarily fatal for XRP.

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