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Ripples XRPs Founder CEO Chris Larsen modern day super man will crush SEC. CKJ Crypto News

578 views · Published 11 May 2018 · 12:24 · Indexed 26 October 2026

Channel: CKJ Crypto News · 2018 · Education

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Ripples XRPs Founder CEO Chris Larsen modern day super man will crush SEC. 
Peer-to-peer lending startup Prosper makes no secret of its support for the Occupy Wall Street movement, which seeks to break the hold of banks on the American political process. Prosper wants to do a similar thing, by creating a sort of bank that is owned by and run for the people.

Based near the OWS encampment in San Francisco’s Justin Herman Plaza, Prosper is using crowdfunding site Indie Gogo to host its 99 Sandwiches campaign, raising money to donate 99 sandwiches per day to feed the protesters.

But Prosper’s own platform has the power to do more than donate sandwiches. It could shake up the banking industry at large, if its model catches on.

“Everybody knows that banking is broken, the system is broken,” Prosper co-founder and chief executive officer Chris Larsen told VentureBeat at Crowdconf, a crowdsourcing conference in San Francisco, today. “There’s no reason with the technology we have today, all this great stuff, that you couldn’t completely rewire banking in five years.”

Silicon Valley entrepreneur Chris Larsen started Prosper Marketplace Inc. as an alternative lender - an online community where borrowers seeking up to $25,000 are matched with lenders who bid for their business.

The Securities and Exchange Commission saw it differently, contending that Prosper is an investment firm in disguise.

The distinction isn't academic. When the SEC won the debate and assumed jurisdiction over the company, the consequences for Prosper were significant. The startup shut down for nine months and spent $4 million to get into compliance with SEC rules, Larsen said.
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