RATE Group | SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security
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SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security

14 Aug SEC Guidance Gives Ammo to Lawsuit Claiming XRP Is Unregistered Security

Posted at 02:31h in Cryptocurrency News by

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The Takeaway:

  • A new amended complaint against Ripple draws on the SEC’s framework for digital assets to outline how XRP might be a security – likely the first federal case to do so.
  • The filing also cites California advertising law, in addition to federal securities law, to argue that investors were misled by Ripple’s promotion of XRP.
  • While the case is a year old and has not yet received class-action status, the new complaint is the first that Ripple must respond to with a substantive answer.
  • Ripple has until mid-September to file its response.

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Investors in the cryptocurrency XRP have filed a new complaint against Ripple that marshals the Securities and Exchange Commission’s own words to argue that the startup illegally sold unregistered securities.

The amended complaint, filed Aug. 5 in a year-old lawsuit against Ripple, includes several new arguments and may be the first federal case to cite the SEC’s guidance for applying…

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