U.S. District Judge Analisa Torres also suggested the move could add further delays to the case, despite Ripple and token holders urging a quick resolution to the proceedings.
Based on the legal test for determining whether something is a security or not (Howey), the SEC has a case. However, in filing its defense, Ripple Labs made an excellent point worthy of discussion.
Ripple Labs has recorded two small victories in the ongoing U.S. Securities Exchange Commission (SEC) lawsuit.
A federal judge in the United States has granted a motion by XRP holders to intervene in a lawsuit against Ripple Labs by the U.S. Securities and Exchange Commission.
Some 6,000 investors in XRP argued they were not being sufficiently represented during the legal proceedings brought against the firm by the U.S. Securities and Exchange Commission.
The lawsuit alleged that YouTube had “feigned ignorance” as XRP scams defrauded millions of dollars on the video sharing platform.
MoneyGram partnered with Ripple in 2019 to use the service as part of its transfer solutions, but has since suspended XRP as remittance currency in February due to Ripple’s legal woes.
Gary Gensler, the Biden administration's nominee to head the U.S. Securities and Exchange Commission, has highlighted "investor protections" as priorities for the digital asset industry.
The action centers on claims that MoneyGram did not confirm the status of XRP as a security, which constitutes a breach of the rules around issuing and selling securities.
In this episode, Kurt opted to take questions from his live viewers where he answers each one candidly. He discussed a multitude of issues, engaging his viewers from start to the end of the livestream.
In a letter to the judge in the case, both Ripple and the U.S. Securities and Exchange Commission said they “do not believe there is a prospect for settlement at this time.”