A securities lawsuit was filed against blockchain giant Ripple by the US Securities and Exchange Commission (SEC). While the lawsuit claimed $ 1.3 billion in damages, it claims that since 2013, Ripple has raised funds by selling digital assets known as XRP informally to investors in the US and around the world. So Ripple allegedly paid for human services in XRP, which is digital instead of traditional currency.
XRP was the most sought-after cryptocurrency in the cryptocurrency exchange, after Bitcoin and Ethereum. Bitstamp, the cryptocurrency platform, announced in a Twitter post that it will stop XRP transactions and deposits for its customers in the US on January 8, 2021. Besides Bitstamp, Bitwise in the US and OSL in Hong Kong are also halting XRP transactions.
