Two ex-SEC executives team up with Ripple in massive legal battle

What is a Stablecoin

Ripple will have two former Securities and Exchange Commission (SEC) officials on their side in the ongoing private lawsuit against the cryptocurrency

The third biggest digital currency will be defended by Mary Jo White, the former chair of the SEC, as well as former Enforcement Chief Andrew Ceresney. The lawyers will be attempting to disclaim that the cryptocurrency is a security.

The charge was instigated by a previous Ripple investor, Ryan Coffey, who filed a class action lawsuit against the blockchain network in a claim that the company was breaching security laws.

The complaint filed by Coffey declares that there is a direct associated relationship between the Ripple the company and Ripple’s XRP claiming in the lawsuit that the “development of the XRP Ledger, and the profits that investors expected to derive therefrom, were, and are, based entirely on the technical, managerial, and entrepreneurial efforts of Defendants and other third parties employed by Defendants.”

Ripple’s director of regulatory relations Ryan Zagone, however, thinks otherwise and had previously argued with the UK parliamentary committee and had asserted that there is “not a direct connection between Ripple the company and XRP.”

Both parties differ in opinion and it is up to the court to decide. The court who may or may not be influenced by the two former SEC executives.

For now, Ripple’s XRP is up by 1.78% day-on-day, and presently trades at $0.68 USD.

Related Articles

Bitcoin ATMs increase after months of downtrending

After four months of declining figures, the number of Bitcoin ATMs across the world increased significantly in May.

Crypto.com announces license for digital token services

Singapore-based cryptocurrency exchange Crypto.com has been granted the major payment institution (MPI) license.

Bitcoin to the Australian dollar at a massive discount

With the suspension of bank transfer services on Binance Australia, the price of the cryptocurrency has tanked.

Bali government cracks down on crypto payments

The province in Indonesia has set strict regulation against tourists paying in Bitcoin and cryptocurrencies.

See All