The Blockchain payment network provider Ripple has triggered a new controversy, after he had tried to bring an action to dismiss, in which the company is accused of selling unregistered securities.
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The lawyers are trying to claim avert
In court documents, the 19. September have been uploaded by Fortune, gave lawyers for the company’s twelve reasons why they considered the allegations to be wrong.
The step is the latest Episode in a long battle between Ripple and the Investor Bradley Sostack, bought in 2013, XRP tokens. Sostack argues that Ripple had not spoken prior to the sale of XRP with the US authorities about whether the Token was a regulation requiring securities.
A separate debacle relates to the actual competence of Ripple for XRP, and various company sources supply conflicting representations of the relationship between the two companies. However, lawyers claim that XRP is not a value paper.
As the industry lawyer Jake Chervinsky finds, is none of the twelve points against the Status of XRP as the value of paper.
“Ripple has finally filed their motion to dismiss the pending securities class action with respect to XRP. They are twelve different arguments for the dismissal of the claims of the plaintiff“, he summed up on Twitter.
“No one addresses whether or not XRP is a non-registered securities.”
XRP is a value of paper?
The only explicit reference to the Problem appears in a footnote in the latest document:
Buying XRP is not an “investment” in Ripple; it’s not a common company buyers between Ripple and XRP; there was no promise that Ripple would help profits for XRP to achieve the owner; and the XRP Ledger…. is decentralized… Besides, it can’t be, since XRP is a currency, by law, a securities.
The reasons for the dismissal of the action focus to prove themselves, meanwhile, on the reported failure of Sostack, that he had reason to believe that XRP is a value of paper.
The Timing belongs to: Sostack should have after the first sale of XRP for a maximum of three years to take legal action. Since this was in the year 2013, he has done this to a late date, argue the attorneys.
For others, XRP investors, the legal activities had little impact on the markets.
Text evidence: bitcoinis, Anja van Oosterhout