SEC v. Ripple: Ripple Sold XRP Through the Use of Trading Algorithms

At all times before the end of 2020, Ripple owned between 50 and 80 billion XRP.

SEC v. Ripple Court Filing, retrieved on July 13, 2023 is part of . You can jump to any part in this filing . This part is 3 of 18. HackerNoon’s Legal PDF Series here BACKGROUND I. Factual Background B. Defendants’ Sales and Distributions of XRP See Defs. 56.1 Resp. ¶¶ 15, 35; see also id. ¶ 256. Although the parties dispute the specific dollar amounts and details, they agree that from 2013 through the end of 2020, Ripple engaged in various sales and distributions of XRP. See id.

1 Resp. ¶¶ 128–29. From at least 2013 through 2020, Larsen sold XRP on digital asset exchanges programmatically and made at least $450 million from his sales. Defs. 56.1 Resp. ¶ 868. Garlinghouse was hired as Ripple’s COO in April 2015. SEC 56.1 Resp. ¶ 140. After Larsen stepped down as CEO, Garlinghouse became CEO effective January 1, 2017, a position he currently holds. Id. ¶ 143. From April 2017 through 2020, Garlinghouse sold XRP on digital asset exchanges, id.

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