SEC vs Ripple – SEC Will Come For Ripple Soon According to Tone Vays

Ripple news today – Ripple is currently under fire from a serial Bitcoin (BTC) enthusiast this week after news of the aggravation about the lawsuit against the company surfaced. A group of XRP investors has filed a modified objection against Ripple, claiming that the company’s tokens are unregistered securities under Securities and Exchange Commission’s (SEC) guidance.

Ripple News Today – XRP News Today – SEC VS. XRP

The recent complaint is an addition to a year-old lawsuit against Ripple, though this time the complainants are quoting the SEC’s recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” and are pursuing to outline XRP as unlawful unregistered security under the framework.

The recent filing also maintains that Ripple debased California’s false advertising and unfair competition laws by purportedly “blurring differences between Ripple’s enterprise solutions and XRP to further drive demand,” and “paying exchanges to list XRP, limiting the supply of XRP to drive demand” among other things.” Ripple has until September 19th, 2019 to reply to this recent filing.

The complainants are requesting class-action status on behalf of all investors of XRP. Other prominent petitions for liberation include requiring the court to identify XRP as security and reimbursing for indemnities sustained by the complainants and (putative) class members.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.282
-1.67%

As reported in a recent Ripple news update, the revised legal assertion instigated against Ripple about a week ago, the SEC allotted direction on categorizing specified brand of virtual currency as securities were referred to.

The recent charges against Ripple support the ones made earlier. They declare that the crypto firm led by Brad Garlinghouse has been trapping investors into buying XRP, which is allegedly a security but not registered as one. Apart from the SEC guidance, the revised complaint states numerous laws to do with crypto-asset regulation.

The legal case goes back to May 2018, when investors pressed charges against Ripple, it’s chief and several top executives. The plaintiff indicated back then that XRP, which is sold by Ripple, has all it takes to be considered as virtual security. Subsequently, several other investors also instigated a legal suit directed at Ripple for a similar reason. All of those objections have been combined and transferred to the federal court. Besides, the amended petition intends to link XRP back to Ripple Labs, although the latter publicly claims that Ripple is not the emitter of XRP and has no links to the XRP blockchain.

Ripple News Update – Ripple Will Feel U.S. Regulators Wrath According To Tone Vays

Ripple, which is in charge of the token known as XRP, is presently being charged to court by an investor, Bradley Sostack, the investor has alleged the company of engaging in trading unregistered securities. Going by the latest Ripple news update, the odds rose this week, after Sostack revised his initial allegation to encompass a new direction from the United States Securities and Exchange Commission (SEC).

According to the Ripple news update, the SEC’s recent statements grant weight to Sostack’s allegation, and a filing now reveals Ripple must react to the allegations next month.

Tone Vays, the veteran trader and host of the Bitcoin Law Review podcast made his opinion known on the recent event, he wrecked severe criticism at Ripple. On August 14th, 2019, Tone Vays, tweeted, “The SEC is bringing Thor’s Hammer,” publicly calling XRP a scam token. Vays pledged to discuss the lawsuit in the subsequent episode of the podcast.

The controversy encompassing both Ripple and XRP has been almost constant in recent years. Opposing allegations about the company’s attachment to the token, along with the disreputable reaction of their social media subscribers, have won the third-largest cryptocurrency an unenviable reputation.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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