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In keeping with the order from the U.S. Court docket for the Southern District of New York, Ripple first bought round $728.9 million value of XRP on to institutional patrons, hedge funds and different events. These “institutional gross sales” constituted the unregistered provide and sale of funding contracts in violation of federal securities regulation, the order stated, because it discovered traders would have bought XRP with the expectation that they’d revenue from Ripple’s work.
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