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SEC Complaint Ripple CFO Resigns

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In December 2020, the SEC took legal action against Ripple, alleging that they had utilized XRP to raise funds, a move they asserted violated securities laws.

Kristina Campbell, the former chief financial officer of Ripple, has transitioned to a similar role at Maven Clinic, a virtual healthcare provider. According to her LinkedIn profile, her tenure at Ripple concluded abruptly in October, after more than two years, without any specific explanation, other than expressing her appreciation for the time she spent at the cryptocurrency company. She had joined Ripple in April 2021, following over four years as CFO at the payment platform PayNearMe.

Campbell, in an October 7th post, acknowledged that although healthcare is a field as intricate and heavily regulated as fintech, it marks a new chapter in her career.

This announcement from Campbell coincides with Ripple’s ongoing legal battle initiated in December 2020 with the United States Securities and Exchange Commission, primarily revolving around the sale of their XRP token. In a significant development, a federal judge ruled in July that XRP did not qualify as a security when sold to retail investors—a ruling that was subsequently upheld in October following an appeal by the SEC.

Ripple’s trial against the SEC is scheduled to commence in April 2024. This timing aligns with other notable cases impacting the cryptocurrency space, such as the second criminal trial of former FTX CEO Sam Bankman-Fried in March 2024 and the trial of former Celsius CEO Alex Mashinsky in September 2024.

The reason behind Campbell’s departure remains unclear, and it is uncertain whether it is linked to the regulatory challenges Ripple is confronting in the United States. CEO Brad Garlinghouse recently advised startup companies to steer clear of the U.S. market as of September, while chief technology officer David Schwartz expressed optimism about the changing landscape of regulatory uncertainty in the country.

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