U.S. district court Northern district of California denied a motion to remand manual Ripple and their daughters XRP II, as well as CEO brad Garlinghouse (Brad Garlinghouse). The official announcement appeared on August 10.
A class action lawsuit filed against Ripple investor Ryan Coffey (Ryan Coffey) 3 may. According to the statement of claim, the plaintiff lost $551,89 when trading cryptocurrency XRP, in addition to Coffey in the same situation got a lot of investors. Plaintiff’s attorney: James Taylor-Copeland (James Taylor-Copeland) said that the cryptocurrency company violates the Law on securities of the USA and California corporate code, and, thus, selling tokens is not legal. In addition, Coffey insisted that the tokens Ripple is not decentralized in the present, and demanded the cancellation of all transactions made with the XRP, and damages.
The judgment in this case States that the participants in the process admitted that it could not find a single case similar to the case of Coffey. Own research the court also was not successful. Subsequently, the court dismissed the claim Coffey on pre-trial detention of representatives of the Ripple.
As expressed by attorney David silver (David Silver), similar claims can be considered a test of the legitimacy of cryptocurrency companies. Then the representative of the Ripple reported that the Commission on securities and exchange Commission (SEC) has not yet decided whether to accept XRP securities. However the cryptocurrency itself, the company truly believes that no securities of their token is not.
In July the managing Director of “Robbins Arroyo LLP” Brian J. Robbins (Brian J. Robbins) filed another class action against Ripple Labs Inc, which at 20 pages is described the breach by the company of Howie test — a test designed to determine a transaction is an investment contract or not.
In response to the allegations in full control of the company token XRP, making it essentially a rally, Ripple has released a report for the second quarter of 2018, which argues that the value of XRP is consistent with the General trends of the cryptocurrency market. This, according to Ripple, indicates that the token is independent of the company.