Ripple has been attacked by a Federal judge for delaying the process of settling a lawsuit that alleges a major breach of fiduciary duty. First, the good news: the judge ruled that the three people that filed the lawsuit against Ripple are not entitled to class action status, which would have allowed them to sue on behalf of everyone who purchased XRP. Most of the news has been bad for Ripple, however, as the judge has said that Ripple is not obligated to settle the suit, which could delay the process until after the trial.
After a long fight that has been going on for the past few years, the legal battle between the much-beloved crypto exchange Poloniex and the Japanese crypto exchange Coincheck has reached a grinding halt. The hearings heard in both the US and Japan so far have given very little insight into the case, which is now in the hands of the court in the US. But while the dispute over the missing NEM tokens has been ongoing, it seems the court has been making its own judgements on how the case should proceed.
Ripple is a company with a very impressive track record and successful track records. The company has its fingers in xCurrent (its enterprise blockchain platform), XRP, XRP tokens, XRP Ledger and the RippleNet enterprise blockchain network. In addition, Ripple’s Interledger protocol is used to connect different payment systems around the world, making the company a top-dog in the payment processing world.According to the legal document, Ripple Labs asked a U.S. District Court judge to reject the Securities and Exchange Commission’s request for a 60-day disclosure extension, citing an existential threat to the company’s operations in the country. According to the SEC, Ripple Labs and its employees illegally sold $1.3 billion worth of XRP to customers in December 2020, leading to an SEC investigation for selling unregistered securities in the form of XRP currency. The SEC cited two instances where Deaton reported physical abuse. For example, in response to a post about the discovery dispute in this case, Deaton tweeted on the 12th. March 2021.
As a result of the SEC’s complaint, many U.S. cryptocurrency exchanges have suspended trading in XRP, reducing XRP’s liquidity as a cross-border payment bridge. Ripple’s chairman and CEO are asking the court to remove XRP’s information from the offshore crypto-currency exchange list to protect themselves from SEC lawsuits. Ripple also said the SEC encouraged the market to believe XRP is not an investment contract in its recent court filing. Ripple does business with the CBDC on a friendly basis. Today, XRP is essentially illiquid in the United States, which precludes the possibility of transferring [cash on demand] to or from the United States. In a letter dated 8. In June, before U.S. District Court Judge Analise Torres, Ripple’s defense lawyers said that XRP’s liquidity has been impeded in other jurisdictions, affecting Ripple’s ability to develop and promote ODL globally. Ripple, on the other hand, filed a lawsuit to deny the SCE the use of the data, arguing that the SEC’s previous enforcement actions were not related to companies holding digital assets or initial ICOs, which Ripple is not. If it were decided that the fair notice defense could nullify any claim against an investment product that is not identical to a previously announced security, Howey and his predecessors would be cancelled, the SEC wrote in a letter to Judge Analise Torres. Every day that this dispute continues, XRP markets in the US are unreasonably blocked and Ripple’s business is severely harmed.A class action lawsuit against Ripple Labs and Ripple Labs, Inc. for securities fraud, which was filed by a former Ripple Labs employee, has been delayed until at least the summer, according to a filing from the U.S. District Court of Colorado, which is home to the lawsuit.. Read more about why is the sec suing ripple and let us know what you think.
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