The US Securities and Exchange Commission (SEC) case argues that XRP is a security rather than a currency and hence the issuer should have sought prior approval of the US securities regulator for launching it. It added that Ripple Labs and two of its executives raised over $1.3 billion through their unregistered digital asset securities offering.
“Ripple (XRP) is one of the most popular cryptocurrencies. It has also been among the top traded tokens on WazirX. SEC’s lawsuit against Ripple is shocking. Given the uncertainty of this situation, we will continue monitoring the lawsuit development and then take the necessary steps,” said Siddharth Menon, co-founder, and chief operating officer of WazirX, India’s largest crypto exchange by volume.