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Ripple sued by the SEC

The SEC announced it has filed charges against Ripple Labs and two of it’s executives for allegedly raising $1.3 billion through an unregistered and ongoing digital asset securities offering. In 2013 Ripple Labs launched a cross border payments network and minted 100 billion XRP token to be used as the native token of the Ripple network . It is the sale and use of the proceeds of the XRP token that is at the center of the charges.