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As per areleaseby the US district court of New York, today would see Ripple Labs and the US Securities and Exchange Commission (SEC) officially represent their case and argument in front of criminal authorities for the first time.

The authority alleges Ripple sold over $1.3 billion worth of XRP to retail investors without the necessary documents or legal approval, in addition to its founding team—Brad Garlinghouse and Chris Larsen were specifically named—personally profiting to the tune of hundreds of millions of dollars.

With the landmark case, Ripple becomes one the biggest crypto businesses/issuer to land in legal tussles with US authorities.Telegramand Kik previously took on the heat in the past years (the latterpaid up $5 million) while smaller projects like ShipChain were fined millions of dollars similarly.

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