The United States Securities and Exchange Commission (SEC) is alleging that the XRP token is classified as a security and is accusing Ripple and the two executives of raising more than $1.3 billion through an “unregistered, ongoing digital asset securities offering” to investors beginning in 2013.

The SEC further alleges that Ripple distributed XRP for “labor and market-making services” and that Garlinghouse and Larsen failed to register their personal XRP sales, estimated at $600 million.

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