In December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. The SEC issued a ruling on XRP, in connection with which the company sold unregistered securities in the form of XRP cryptocurrency to retail investors for seven years. The defendants in the case are Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
As of October 2022, the SEC lawsuit against Ripple (XRP) is still pending.