The SEC begins this Complaint with a little bit of history, demonstrating that in their view of history XRP & Ripple were pretty much the same thing at the outset.
Ohhhh, they also got legal advice that it was probably a securities offering (and thus need to be registered).
Curious to know how that memo came into the hands of the SEC. That's an ouch.
Curious to know how that memo came into the hands of the SEC. That's an ouch.
I mean, cripes, that is a bad fact.
Anyhoo ... this was all pretty damn centralized, distribution-wise, in the SEC's eyes, netting Ripple and it's execs more than $700 million in profit.