During a lecture at the University of Kansas School of Business, Ripple's CEO, Brad Garlinghouse, disclosed that the company considered shutting down after being sued by the U.S. Securities and Exchange Commission (SEC) in 2020.
In December 2020, the SEC alleged that Ripple had sold approximately $1.3 billion worth of XRP as unregistered securities. The lawsuit targeted not only the company but also Garlinghouse and co-founder Chris Larsen personally.
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