Test

<ul>
 <li>Ripple faces a new securities case in the Californian district court according to reports.&nbsp;</li>
 <li>The company recently concluded its four-year long battle against the SEC.</li>
</ul>
Ripple Labs, a subset of Ripple, witnesses a securities case filed against the company in California. The new lawsuit targets Ripple CEO, Brad Garlinghouse alleging him of ‘misleading statements’ in a 2017 interview regarding XRP’s designation as a security. The cryptocurrency firm recently celebrated a partial win against the SEC after contesting the <a href="https://www.sec.gov/files/litigation/complaints/2020/comp-pr2020-338.pdf" target="_blank" rel="noopener noreferrer nofollow">case</a> since 2020.&nbsp;
The recent lawsuit was <a href="https://www.courtlistener.com/docket/8150354/419/in-re-ripple-labs-inc-litigation/" target="_blank" rel="noopener noreferrer nofollow">filed</a> in the Californian District Court stating that Garlinghouse violated their Securities laws. Judge Phyllis Hamilton has passed the motion for a jury to investigate his statements, in connection to whether regulators should view XRP as a security.
Moreover, XRP could be considered a security if sold to non-institutional investors, stated the Californian Judge. The CEO in an interview with the Business News Network on December 14 2017, discussed XRP’s extensive use cases. His statement – “I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet” was found to be problematic and suggestive of XRP investors expecting profits.&nbsp;
Referring to the CEO’s 2017 statement Judge Phyllis Hamilton wrote:&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Accordingly, the [court] cannot find as a matter of law that Ripple’s conduct would not have led a reasonable investor to have an expectation of profit due to the efforts of others”.&nbsp;
</blockquote>
The Californian Jury has filed the case on Ripple’s five different actions, summarised under the institution’s ‘failure to register <a href="https://thenewscrypto.com/ripple-analyst-predicts-xrp-price-to-reach-20-by-2026-cites-five-factors/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> as a security” under federal law.&nbsp;
<h3 class="wp-block-heading" id="h-how-is-ripple-defending-the-case-nbsp">How is Ripple Defending the Case?&nbsp;</h3>
The Ripple’s major defense relies on the Howey Test conducted in July 2023. The Howey test, a legal framework that verifies financial transactions, ruled XRP as not a security. Additionally, they have also stated that the Howey Test ruling negates the claims that the CEO’s statements are misleading.
Moreover, Ripple also quoted the July 2023 Judge’s ruling as a defense during the lawsuit. According to the company’s chief legal officer, the Californian court has dropped all the claims except one. During the trial Ripple will deal with this claim, stated the legal officer.
Notably, Ripple’s other spokesperson included a statement that the current case doesn’t alter Judge Torres’s ruling in the <a href="https://thenewscrypto.com/ripple-clo-evaluates-secs-retraction-of-absurd-2b-penalty-demand/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> case and it remains unaltered.&nbsp;
Highlighted Crypto News Today:&nbsp;
<a href="https://thenewscrypto.com/singapore-highlights-aml-threat-from-digital-payment-tokens-in-new-report/" target="_blank" rel="noopener noreferrer nofollow">Singapore Highlights AML Threat from Digital Payment Tokens in New Report</a>

Ripple Contends New Lawsuit In California Post Winning the SEC Case

목차

TheNewsCrypto

2024년 6월 21일에 게재된 다른 기사

Bitcoin Price Dips Again: BTC Bears Tighten Grip

How Much PEPE Meme Coin Do You Need to Become a Millionaire in the Bull Run?

Germany Sells BTC Holdings, Market Sentiment Shifts

FLOKI Unveils New Developments and Strategic Marketing Initiatives

Crypto Market Crash: Whales Are Targeting These Three Altcoins

Cryptocurrency Monero Decreases More Than 4% Within 24 hours

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!