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At the start of this year, several plaintiffs filed a lawsuit against Ripple Inc. Ripple Inc. is a blockchain company that aims to revolutionize cross-border payment space. Ripple has released a series of products that help make cross-border payments less expensive, easier, faster and more efficient. Ripple Inc. is the mother form of XRP (XRP). However, the digital currency is independent of the company.
The plaintiffs present a new motion against Ripple Inc.
Ripple owns over 50 percent of XRP, and this has made it clear to many that XRP is centralized. However, the company came to declare that XRP and Ripple are independent from one another. Recently, a lawyer from Kobre & Kim LLP – Jake Chervinsky – tweeted on a recent development in the lawsuit against collective action filed against Ripple.
Chervinsky tweeted the development on December 8th. In his tweet, he said the plaintiffs who claimed that XRP (XRP) is a security filed a motion to jail in the federal court. The case has been transferred to the federal court and the actors are asking to return to court.
According to the lawyer, the plaintiffs also asked Ripple to pay their legal fees. Adding that the move to the federal court was fun and has no de facto or legal basis. A couple of weeks ago, Ripple's lawyer defended the company and the lawsuit filed against the company was transferred to the Federal Court.
The lawyer said: "The plaintiffs do not claim to have deficient information about the nature of these transactions. However, the plaintiffs claim they were, in some way, injured due to the fact that the defendants would have been forced to register XRP (XRP) as security with the SEC, but they did not. "
Chervinsky had previously published a series of tweets. In one of his previous tweets, he talked about the legal situation that meet the best fintech blocktech companies. Back in August, Chervinsky said that Ripple is defending 4 cases in the California court. Two cases were fought in the Supreme Court – Northern District of California. The other two cases were defended in the state courts, in San Mateo County.
The lawyer continued his explanation in another tweet. He said that all claims against Ripple have indicated a common case. The case is: XRP (XRP) is a security while Ripple Inc. has violated federal and state law by not registering XRP before promoting it, offering it and selling it to investors.
He also hypothesized the possible results. One of the possible results is if the plaintiffs lose. In this regard, Chervinsky said: "If the plaintiffs lose, the Securities and Exchange Commission will have saved so much time and money – keep in mind that they have limited resources for the digital currency industry – they also have their hands full to prosecute the frauds and Ponzi schemes.
While the case has been moved from the state to the federal level, the authorities still have to issue a final verdict.
Price XRP (XRP) today – XRP / USD
XRP (XRP) is currently changing hands at 31 cents after an increase of around 1% in the last twenty-four hours. The current market capitalization of the digital currency is $ 12.70 billion and the trade volume of the last twenty-four hours is $ 435.95 million.
