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The SEC had accused the company and its current and former chief executives of conducting a $1.3 billion unregistered securities offering by selling XRP, which Ripple’s founders created in 2012.
Torres, who is based in New York, said the company’s $728.9 million of XRP sales to hedge funds and other institutional buyers amounted to unregistered sales of securities. However, Torres said the case must go to trial so a jury can decide other aspects of the SEC’s claims.
