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

SECOND CLAIM FOR RELIEF 
Aiding and Abetting Violations of Securities Act Sections 5(a) and 5(c) 
(Larsen and Garlinghouse) 
400. The Commission realleges and incorporates by reference here the allegations in 
paragraphs 1 through 393. 
401. By engaging in the acts and conduct described in this Complaint, Defendants Larsen 
and Garlinghouse, directly or indirectly, knowingly or recklessly provided substantial assistance to 
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Ripple, who, 
from 2013 through the present, directly and indirectly have made and are 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 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.
402. Larsen knowingly or recklessly provided substantial assistance to Ripple’s violations 
of Sections 5(a) and 5(c) of the Securities Act including by: (i) from 2013 to 2016, deciding when and 
how much XRP Ripple would sell, establishing the XRP Escrow, making promotional statements 
with respect to XRP, and spearheading Ripple’s efforts to attempt to increase demand for XRP; and 
(ii) from 2015 to the present, making his own sales of XRP. 
403. Garlinghouse knowingly or recklessly provided substantial assistance to Ripple’s 
violations of Sections 5(a) and 5(c) of the Securities Act, including by, from 2015 to the present, 
deciding when and how much XRP Ripple would sell, establishing the XRP Escrow, making 
promotional statements with respect to XRP, spearheading Ripple’s efforts to attempt to increase 
demand for XRP, and making his own sales of XRP. 
404. By reason of the foregoing, Larsen and Garlinghouse are liable pursuant to Section 
15(b) of the Securities Act [15 U.S.C. § 77o(b)] for aiding and abetting Ripple’s violations of Sections 
5(a) and 5(c) of the Securities Act [15 U.S.C. § 77e(a), (c)] and, unless enjoined, will again aid and 
abet violations of these provisions.