Ripple Enjoys A Victory In US Securities Class-Action Lawsuit
Ripple has been in the spotlight a lot together with XRP, and the reasons have not always been positive such as new partnerships, achievements and price movements.
XRP has been accused of being a security and has been slammed and called a “centralized project” a lot of times.
Brad Garlinghouse has been defended Ripple as a decentralized project a lot of times. Even Ethereum’s Vitalik Buterin said that Ripple is decentralized.
Ripple, accused of paying to get listed on Coinbase
Just recently, Ripple was even accused of paying its way on Coinbase.
Ripple found itself confronted with some accusations claiming that they paid their way on the platform.
In order to respond, Ripple’s head of XRP markets Miguel Vias says that Ripple didn’t pay Coinbase anything to list XRP.
These accusations about paying the platform in order to get listed on it have been surfacing for more months now.
There’s a report from Bloomberg dating back in August 2018 that cited four anonymous sources claiming that Ripple did pay money to get listed.
— Alistair Milne (@alistairmilne) February 26, 2019
Ripple scores a minor victory in US Securities Class Action
Coindesk reveals that a judge has ruled that an ongoing class-action lawsuit against Ripple will have to remain in federal court and this would potentially give the payments company a small advantage to go forward.
Coindesk writes “U.S. District Judge Phyllis Hamilton, of the Northern District of California, ruled Thursday that a class action lawsuit filed against Ripple and affiliated subsidiaries and individuals would not be shifted back to lower courts after lawyers for the company first moved to district court last year.”
This is a “minor but meaningful victory” for the company, according to attorney Jake Chervinsky.
Ripple securities class action update: The Court has denied the plaintiffs' motions to remand. This means the case stays in federal court, a minor but meaningful victory for Ripple.
The plaintiffs will file an Amended Consolidated Complaint by March 30.https://t.co/4gdQVaCrlM
— Jake Chervinsky (@jchervinsky) March 1, 2019
“The case centers around XRP. The plaintiffs in the case allege that Ripple issued the cryptocurrency as an unregistered securities offering, a claim Ripple has frequently denied,” Coindesk writes.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.