An official document released by the US District Court was released, saying that Ripple's request to delay the lawsuit was denied.
The case against Ripple, Ripple XRP II and Brad Garlinghouse – Ripple's CEO – has been in the news since Ryan Coffey first slapped the entities with a lawsuit in May. Coffey claims to have lost $ 551.89 USD during the exchange of XRP tokens and hopes to regain funds for the damage caused. With the lawyer Taylor-Copeland, Coffey filed a collective legal action accusing Ripple of having violated the US Securities Act and the Californian Corporation Code, saying the company is a security and therefore is not decentralized as he claims to be.
After the lawsuit was filed, Ripple partnered with two former members of the Securities and Exchange Commission of the United States (SEC) and Mary Jo White, the former president of the SEC, as well as former head of the military Andrew Ceresney has risen aboard the Ripple legal battle team.
Ripple was then hit by another class legal action by David Oconer, who also claims that Ripple is a security.
The cryptocurrency company intended to postpone Coffey's deposit and take the case to a lower court, however, the California District Court denied it. According to the court's official document, Coffey had failed to prove that the presence of a Securities Act was sufficient to prevent Ripple from removing an action under the Class Action Fairness Act:
"The parties candidly admit that their research failed to resolve any case by directly addressing this question and court research failed."
A spokeswoman for Ripple said the SEC had not yet decided if XRP were a security, " continue to believe that XRP should not be classified as security ."
Currently, the case against Ripple has not made negative waves for XRP on the market, and the token is now trading at $ 0.284 USD – which is a daily appreciation of 8.35%.
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