“I am aware of no instance in which the simple announcement of a Commission enforcement proceeding has absent allegations of fraud, misrepresentation, or omission, caused multi-billion-dollar losses to innocent third parties. Creating precedent, and imposing losses, of this sort, raises public policy concerns that would benefit from the views of an incoming administration.”
The SEC sued Ripple for allegedly conducting an unregistered initial coin offering (ICO). The cryptocurrency company, its co-founder Christian Larsen, and CEO Bradley Garlinghouse allegedly unlawfully raised $1.38 billion from investors.
Garlinghouse tweeted that the Commission is “out of step with other G20 countries and the rest of the U.S. gov’t.” He vowed that they will challenge the lawsuit. He said, “We are ready to fight and win.
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