What is Ripple Labs?

(September 2022) ( Learn how and when to remove this template message) Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California.

Why did the SEC Sue Ripple Labs?

The SEC sued Ripple Labs, CEO Brad Garlinghouse and Chairman Chris Larsen in December 2020 (a day before former SEC Chair Jay Clayton stepped down from the role) on allegations that it had raised over $1.3 billion by selling XRP in unregistered securities transactions.

How much XRP does Ripple Labs give away?

Individuals who join the Ripple Labs team and donate their spare processing power are rewarded with XRP. As of March 18, 2014, Ripple Labs has given away 134,528,800 XRP through the World Community Grid at a rate of 1,250,000 XRP per day. [33] [34] [35] In 2018, Ripple has made multiple donations.

Why did Ripple Labs file a motion for summary judgment?

The U.S. Securities and Exchange Commission and Ripple Labs both filed motions for summary judgment, arguing that a judge overseeing the case has enough information to make a ruling without moving the case forward to a trial. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.