Complaint: Ripple Labs, Inc. (“Ripple”), Bradley Garlinghouse (“Garlinghouse”), and Christian A. Larsen

Type of Sales 
Approximate Amount of 
XRP Sold & Distributed 
Market Sales 
3.9 billion 
Institutional Sales 
4.9 billion 
Other XRP Distributions 
4.1 billion 
Individual Defendants’ XRP Sales – Larsen 
1.7 billion 
Individual Defendants’ XRP Sales – Garlinghouse 
321 million* 
Total Offering
14.6 billion 
* Counted in “Other XRP Distributions” Only 
Table 1: Total Defendants’ XRP Sales & Distributions in the Offering 
C. 
Defendants’ Market Sales of XRP 
90. 
As CEO, Larsen initiated and approved Ripple’s Market Sales of XRP. 
91. 
Ripple conducted the Market Sales first by transferring ownership of XRP on the 
XRP Ledger directly to investors and later by using traders who specialized in algorithmic digital 
asset trading to offer and sell XRP to investors, both on the XRP Ledger and on digital asset trading 
platforms, both in exchange for fiat currencies or other digital assets such as bitcoin. 
92. 
The entities Defendants enlisted to help carry out the Market Sales—the specialized 
traders or the trading platforms—were typically not registered with the SEC in any capacity. 
93. 
Ripple conducted the Market Sales by paying at least four entities commissions, paid 
in XRP, for executing Ripple’s XRP sales to the public on digital asset trading platforms. 
94. 
One of these entities is based in New York and was registered with the SEC as a 
broker-dealer until December 2019. One of the other entities is also based in the United States, 
while another entity is internationally-based but has offices in the United States. The fourth entity, 
through which Ripple conducted most of the Market Sales, is a global digital asset trading firm with 
an office in the United States (the “Market Maker”). 
Case 1:20-cv-10832 Document 4 Filed 12/22/20 Page 16 of 71

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95. 
To increase Market Sales throughout the Offering, Ripple has also directed all 
readers of its website to information about “How to Buy XRP” and has provided a list of digital 
asset trading platforms, including some with principal places of business in the United States, on 
which investors can make those purchases. 
96. 
While each was CEO, Larsen and Garlinghouse had final decision-making authority 
over which trading venues to use for Market Sales and how much XRP to sell on a particular venue, 
which Ripple communicated to traders as an overall percentage of XRP’s daily trading volume.
97. 
At Ripple’s direction, the intermediaries such as the Market Maker ensured that 
Market Sales were programmatically set not to exceed a certain percentage of XRP’s overall daily 
trading volume, and Ripple referred to the Market Sales as “programmatic sales.” 
98. 
On occasion, Ripple employees or the Market Marker consulted Larsen and 
Garlinghouse as to parameters for conducting Ripple’s Market Sales, which they at times approved.