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Securities and Exchange Commission (SEC) filed charges against Ripple, alleging that sales of the XRP token constitute an unregistered securities offering.

He notes that the SEC needs to prove that not just that XRP is a security, but also that XRP executives knew that it was wrong to sell the asset and went forth with the sales regardless.

As such, the SEC has added paragraph 110, which alleges that Ripple executives Chris Larsen and Brad Garlinghouse “both played significant roles in negotiating and approving institutional sales, and other offers and sales of XRP to institutional investors.”.

Elsewhere, former SEC Chair and Ripple attorney Mary Jo White has defended Ripple in the media, stating that the SEC is “dead wrong legally and factually.” She suggested that the case is likely to fail due to the fact that the SEC did not bring it forward for years.

White also suggested that the court case could be resolved as early as October with a summary judgement—or at an earlier date if the two parties reach a settlement before then.

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