Trump Administration Obliterates Biggest Bitcoin Competitor with SEC Lawsuit

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The Securities and Exchange Commission has filed suit against executives overseeing bitcoin’s biggest competitor, obliterating the currency’s price and setting the stage for regulatory uncertainty that will not be resolved until the incoming administration takes office.

The complaint, which names Ripple CEO Bradley Garlinghouse and former CEO and co-founder Christian Larsen, alleges the company’s XRP token constituted an unregistered securities offering, and that the two engaged in insider trading worth $1.3 billion.

“We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to
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