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p>Crypto-currency firm Ripple charged by US watchdog

p>23 December 2020

p>Crypto-currency firm Ripple has been charged with conducting investments without proper licences by the US Securities and Exchange Commission.

p>The SEC asserted that Ripple's XRP token is a tradable asset, known as a security, and thus subject to its regulations.

p>The firm argues that XRP is a currency and therefore does not have to be registered as an investment contract.

p>The value of XRP fell by more than 30% on the news.

p>Digital currencies are governed by another US regulator - the Commodity Futures Trading Commission (CFTC) - which has different rules.

p>Ripple's chief executive Brad Garlinghouse, and former chief executive Chris Larsen, have both been charged with violating the Securities Act.

p>"We allege that Ripple and its executives failed over a period of years to satisfy [the SEC's] core investor protection provisions, and as a result, investors lacked information to which they were entitled," said Marc Berger, deputy director of the watchdog's enforcement division.

p>Mr Garlinghouse subsequently blogged reaction from one of the firm's lawyers, who said: "The SEC is completely wrong on the facts and the law and we are confident we will ultimately prevail before a neutral fact-finder."

p>Billions of dollars' worth of XRP are traded every day, the lawyer continued, adding that it should be treated as being a virtual currency like Bitcoin.

p>Mr Garlinghouse also stressed that the crypto-currency was separate from Ripple, the company that provides a payment system for banks around the world.

p>"Ripple our company has shareholders: if you want to invest in Ripple, you do not buy XRP but rather shares in Ripple."

p>Later he tweeted: "The SEC should not be able to cherry-pick what innovation looks like. This battle is just the beginning."

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p>XRP, the world's third largest crypto-currency has fared differently to others such as Bitcoin and Ether in part because it works differently.

p>It was set up by Ripple which developed a payment system used by banks to speed up and modernise how they pay each other. And while Bitcoin is decentralised and "mined" using a sophisticated computer network, spread around the world, XRP is controlled by Ripple, with the firm releasing coins each month.

p>Bitcoin and Ether have been ruled out of trading exchanges that offer the buying and selling of stocks and bonds. https://squareblogs.net/kidneylayer00/no-elon-musk-is-not-buying-manchester-united 

p>In 2018, the US Commodity Futures Trading Commission said both could be traded as commodities, like currencies, oil or cotton.

p>The case will add to the debate over whether crypto-currencies should be treated like stock and governed by a regulator like the SEC.

p>Allowing crypto-currency XRP to trade like a stock or a bond would serve as a stamp of approval from a securities regulator and attract higher trading volumes and investment.

p>But it may also mean that it would have to be delisted from currency exchanges unless they registered as security exchanges.