SEC v. Ripple Labs — Judge Torres + Bifurcated Howey
The Bureaucratic-Friction Litigation, Not Choreographed Clearing
Filed Dec 22 2020. The Securities and Exchange Commission (SEC) complaint alleging Ripple, Garlinghouse, Larsen sold $1.3 billion+ XRP as unregistered securities (1933 Securities Act §5).
Also in Report #82
ISO 20022 + SWIFT CBPR+ Hard Cutover (Nov 22 2025)The Messaging-Layer Substrate HandoffProject Meridian + Synchronisation Operator (BIS + BoE)The Ledger-Agnostic Atomic Settlement ArchitectureDTCC Project Ion + R3 CordaThe Apex Entity Absorbing DLT DomesticallyRipple Labs / XRPL / On-Demand LiquidityThe Permissioned-Consensus Bridge ArchitectureRLUSD + Ripple National Trust BankStructural Absorption Into Federal Banking PerimetGENIUS Act + FinCEN/OFAC Implementing NPRMThe Privatized CBDC Regulatory PerimeterAtkins SEC + Project Crypto + March 17 2026 Interpretive ReleaseThe Doctrinal Pivot — Enforcement to Policy-DraftiRipple CBDC Platform — Palau / Bhutan / MontenegroSovereign-Substrate Integration Footprint