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Illustration: Sarah Grillo/Axios

U.S. securities regulators on Tuesday sued cryptocurrency giant Ripple, and both its CEO and executive chairman, for allegedly selling over $1.3 billion in unregistered securities. Ripple on Monday had publicly disclosed that the lawsuit was to be filed imminently, and said it does not believe its tokens needed to be registered.

Why it matters: XRP, the cryptocurrency created by Ripple in 2012, has the crypto industry's third-largest market cap at around $22 billion, behind only Bitcoin and Ether.

Go deeper: Ripple lawsuit could chill crypto industry investment

Go deeper

Dan Primack, author of Pro Rata
Dec 22, 2020 - Economy & Business

SEC lawsuit against crypto firm Ripple could put chill on industry investment

Illustration: Sarah Grillo/Axios

Ripple, one of the world’s most valuable cryptocurrency companies, on Monday disclosed that the SEC plans to sue the company, its CEO and its executive chairman for allegedly selling unlicensed securities. [Update: The lawsuit was filed Tuesday afternoon]

Why it matters: This could put a chill on some crypto industry investment, as Ripple has no interest in settling fast and moving on. It also could mildly complicate the upcoming IPO for Coinbase, where XRP-to-dollar activity made up 15% of trading volume over the past 30 days (per Nomics).

Dan Primack, author of Pro Rata
30 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.