Chris Larsen, SF's top law-enforcement donor, founded a business deemed by federal law enforcement to have broken securities law for years
Ripple founder and crypto billionaire Chris Larsen is a top donor to San Francisco law-enforcement, Mayor London Breed, and Breed's law-enforcement push. On the federal level, though, the SEC is calling for $2 billion in penalties from Larsen's company. He sees no irony in this. Photo illustration by Kelly Waldronthousands of surveillance camerashis support for Prop.
If you’ve bought any stocks or have a Vanguard account, you know all about the voluminous mandatory disclosures provided to investors in this highly regulated field. Without these, investors cannot make informed investment decisions. Business models, insofar as there is one, must be divulged. In July, Torres found that Ripple had been improperly selling hundreds of millions of dollars’ worth of unregistered securities via its XRP token for years. But she drew a distinction. When transacting directly with savvy, institutional investors, yes, she ruled, this was an illegal sale of unregistered securities. But she found this was not the case when XRP tokens were sold to regular folks, indirectly, through secondary parties.
If you’re a crypto billionaire putting big money into San Francisco politics, that’s not the greatest of news. But it’s not the coup de grâce. Not yet, at least.
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