SEC Sues Ripple and Executives as XRP Value Drops

The Securities and Exchange Commission has filed a complaint against Ripple Lab Inc. and its co-founder Christian Larsen and CEO Bradley Garlinghouse for allegedly raising over $1.3 billion through unregistered securities offering in violation of the registration provisions of the federal securities laws.

According to the complaint filed in the federal district court in Manhattan, every issuer of securities that want to sell equity shares or other financial instruments to the public to raise capital must register offerings in compliance with the federal securities laws.

Ripple’s digital asset XRP has experienced a 25% crash since the SEC filed the lawsuit.

Wirex Secures Principal Membership From Visa

London-based crypto payment platform Wirex announced it has successfully become a principal member of the global payment giant Visa in Europe, after completing the FinTech Fast Track Programme organized by Visa.

As a member of Visa, Wirex will now be able to issue Visa cards, offer new innovative products and apply for additional licenses that will further the mass adoption of crypto.

Wirex partnered with Visa in 2014 to become the first company in the world to issue crypto-enabled debit card.

Scaramucci’s SkyBridge Capital Sinks $25 Million in Bitcoin

New York-based hedge fund SkyBridge Capital has invested in $25 million worth of bitcoin.

In an interview with CNBC, the founder of the hedge fund, Anthony Scaramucci said the SkyBridge Bitcoin Fund has traded on Tuesday and will proceed to receive investments from the public starting from January 4, 2021.

Scaramucci expressed confidence in bitcoin as a store of value, which he believes will become a very strong asset class over the next decade.