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

TOLLING AGREEMENTS 
392. Ripple and the SEC entered into tolling agreements suspending the running of any 
applicable statute of limitations from April 1, 2019 through June 30, 2019, from July 7, 2019 through 
September 7, 2019, from September 8, 2019 through December 8, 2019, from December 9, 2019 
through June 8, 2020, from June 9, 2020 through December 9, 2020, and from December 10, 2020 
through December 24, 2020.
393. Larsen and the SEC entered into a tolling agreement suspending the running of any 
applicable statute of limitations from September 1, 2020, through December 31, 2020. 
FIRST CLAIM FOR RELIEF 
Violations of Sections 5(a) and 5(c) of the Securities Act 
(All Defendants) 
394. 
The Commission realleges and incorporates by reference here the allegations in 
paragraphs 1 through 393.
395. 
By virtue of the foregoing, (a) without a registration statement in effect as to that 
security, Defendants, directly and indirectly, made use of the means and instruments of 
transportation or communications in interstate commerce or of the mails to sell securities through 
the use or medium of any prospectus or otherwise, and (b) made use of the means and instruments 
of transportation or communication in interstate commerce or of the mails to offer to sell through 
the use or medium of a prospectus or otherwise, securities as to which no registration statement had 
been filed.
396. 
Ripple violated Sections 5(a) and 5(c) of the Securities Act by conducting the 
Offering. Ripple violated these provisions by, among other things, from 2013 through the present, 
directly and indirectly making use of the means and instruments of transportation or 
communications in interstate commerce or of the mails to sell 14.6 billion XRP without a 
registration statement in effect as to XRP, and by making use of the means and instruments of 
Case 1:20-cv-10832 Document 4 Filed 12/22/20 Page 67 of 71

---

68 
transportation or communication in interstate commerce or of the mails to offer to sell XRP, which 
were offered and sold as securities, as to which no registration statement had been filed.
397. 
Larsen violated Sections 5(a) and 5(c) of the Securities Act by, from 2013 through 
the present, directly and indirectly making use of the means and instruments of transportation or 
communications in interstate commerce or of the mails to sell 1.7 billion XRP without a registration 
statement in effect as to XRP, and by making use of the means and instruments of transportation or 
communication in interstate commerce or of the mails to offer to sell XRP, which were offered and 
sold as securities, as to which no registration statement had been filed.
398. 
Garlinghouse violated Sections 5(a) and 5(c) of the Securities Act by, from 2016 
through the present, directly and indirectly making use of the means and instruments of 
transportation or communications in interstate commerce or of the mails to sell 321 million XRP 
without a registration statement in effect as to XRP, and by making use of the means and 
instruments of transportation or communication in interstate commerce or of the mails to offer to 
sell XRP, which were offered and sold as securities, as to which no registration statement had been 
filed.
399. 
By reason of the conduct described above, Defendants, directly or indirectly, 
violated, are violating, and, unless enjoined, will continue to violate Securities Act Sections 5(a) and 
5(c) [15 U.S.C. §§ 77e(a), (c)].