RATE Group | Ripple Court Ruling May Expand Legal Action Potential Against Crypto
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Ripple Court Ruling May Expand Legal Action Potential Against Crypto

15 Mar Ripple Court Ruling May Expand Legal Action Potential Against Crypto

Posted at 04:31h in Cryptocurrency News by

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A California court has argued that cryptocurrencies that are not securities may be subject to federal laws targeting unfair, deceptive, or abusive acts or practices (UDAAP) during a Feb. 26 hearing for a consolidated class action against Ripple Labs Inc.

During the Feb. 26 hearing, the court asserted that transactions involving cryptocurrencies that are not deemed to be securities may be subject to UDAAP laws — paving the way for further putative action to be taken against other crypto projects that claim exemption from federal securities laws, particularly in California.

However, the application of UDAAP laws is dynamic, as a universally accepted definition of “unfair” has not been agreed upon within this context by the legal community.

Judge rules UDAAP laws may apply to crypto project not issuing securities

The judge is considering whether Ripple may have violated California’s Unfair Competition Law (UCL) — which prohibits unlawful, unfair, or fraudulent business…

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