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Ripple XRP is being investigated by law firms

Ripple XRP is being investigated by law firms

Rosen Law Firm, a global investor protection firm based in New York, has issued a press release. In it, the firm announced that they are currently checking Ripple Labs Inc. and Ripple XRP. So one wants to clarify the question whether Ripple with the sale of the Ripple XRP Token violated US federal securities laws. According to his press release, Rosen is preparing a class action lawsuit. The claim seeks to enforce claims for damages from investors who have invested in XRP tokens.

Already on May 3, 2018, the old-established law firm Taylor-Copeland Law filed a class action lawsuit against Ripple Labs. The lawsuit was directed against Ripple, wholly-owned subsidiary XRP II and Brad Garlinghouse. The reason for the lawsuit was the sale of unregistered securities by Ripple Labs. The law firm took the view that the sale of XRP tokens violated US federal securities laws. For this I had already reported in May in the blog.

The application stated:

“The defendants' intent was to earn hundreds of millions of dollars through the unregistered sale of Ripple XRP to retail investors. The registration requirements of the state and federal securities laws were disregarded … “

On June 5, another lawsuit filed with the Superior Court of California, County San Mateo, California. Also, I had already reported in the blog.

Thereafter, another private investor filed suit on 27 June. He accused Ripple CEO Brad Garlinghouse and Ripple Labs of illegally benefiting from the increase in the value of XRP tokens. The plaintiff is a Californian citizen named David Oconer. This lawsuit was also filed with the Superior Court of California, County San Mateo, California. In the complaint, Oconer claims that Ripple Labs has sold the Ripple XRP tokens to fund its [ripples] activity and development of the XRP environment.

Oconer said:

“Ripples public announcement to limit the stock of Ripple XRP had the desired effect. In the weeks that followed, Ripple XRP's share price rose rapidly. On December 7, an XRP token was worth $ 0.22, while the price was already at $ 3.38 on January 7. “

In support of his argument, Oconer added that Ripple has complete control over the XRP ledger. Also, the network is not decentralized like Bitcoin or Ethereum.

The claim that the company Ripple Labs controls the XRP ledger is already exhausted. However, many people still falsely believe that Ripple has control of the cryptocurrency XRP. It should also be remembered that Ripple does not use the funds raised by the sale of the Ripple XRP in the secondary market. Thus, Ripple XRP does not meet the requirements of a security.

In addition, I've already reported that Ripple has hired lawyers who need to know all about the material. Thus, Ripple is defended in the Coffey lawsuit by Mary Jo White. White was formerly chairman of the US Securities and Exchange Commission. Defense also includes Andrew Ceresney. He has been the head of the SEC's enforcement department in the past.

Last but not least, one must remember that Ripple Labs and Ripple XRP are evidently two separate units. Ripple is therefore likely to look forward to the latest lawsuit rather relaxed. Nevertheless, the result of course remains to be seen, because it is well known that one is always in God's hands on the high seas and in court.

Ripple XRP is being investigated by law firms

Sources: Rosen Law Firm, Taylor-Copeland Law, Asset.Documentclod.org, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ripple-xrp-wird-von-anwaltskanzlei-untersucht/

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