The chief compliance officer at Ripple Labs allegedly warned company leaders on multiple occasions that its marketing of its cryptocurrency offering, XRP, could lead the Securities and Exchange Commission (SEC) to classify it as a security.
The CCO is said to have advised company leaders Ripple should carefully reconsider how it marketed XRP to investors, the public, and its own employees so as to avoid having to comply with federal securities laws, which would require Ripple to open its finances to public scrutiny.
