Why is SEC suing ripple?

What To Know About The XRP Lawsuit The Securities and Exchange Commission (SEC) has charged Ripple -- the company closely associated with XRP -- along with its executives Brad Garlinghouse and Christian Larsen for selling as well as the ongoing sale of over $1.3 billion worth of XRP to the public.

Is Gensler relishing the SEC's legal battle with ripple?

Since being confirmed as SEC chief, Gensler has referred to the space as the "Wild West" and is said to be relishing the SEC’s legal battle with Ripple, believing the case handed to him by Clayton is airtight and that a court victory would establish legal precedent for the SEC playing a major role in crypto regulation.

What is Ripple Labs and how does it work?

It is powered by the XRP native cryptocurrency, which initially launched in 2013 to raise funds for the company. However, in December 2020, the SEC sued Ripple Labs, claiming it had raised $1.3bn by selling XRP through unregistered security transactions.

What is the SEC's ripple enforcement action against Brad Garlinghouse and Chris Larsen?

Delivered just hours before Clayton would leave the post, on Dec. 22, 2020, the SEC filed an enforcement action against Ripple and its two senior executives, Brad Garlinghouse and Chris Larsen, for failing to seek SEC approval and register sales of the XRP cryptocurrency while using the profits to build out the Ripple platform.