Back in 2012, when Ripple was founded, the term “initial coin offering” did not exist. Although enforcement actions against the crypto industry are very small. In fact, the US Securities and Exchange Commission (SEC) will not announce the first settlement for alleged registration violations until November 2018 with Airfox and Paragon ICO. For context, the Ripple network began production on January 1, 2013 – almost six years earlier.
