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Ripple hit with its third securities laws suit

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4 minutes ago, ed1 said:

What I noticed was that Ripple made a request to move the first case to a federal court as the subject matter involved individuals and companies that resided in other states as well. I guess the idea is to get a verdict from a higher level federal court and settle the matter once and for all.

This. Once these frivolous lawsuits of no merit are thrown out Ripple will have previous rulings to back their contention that XRP is *not* a security. 

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Just now, FreedomGundam said:

I want to ask some question.

If Ripple wins in the first court that says XRP is not security. Is that means the automatically win in second and third case?

and if they loose, are they automatically lost in second and third case? 

 

Or they can win first and lost in second case and win again in third case?

@FreedomGundam, once one state court in California makes a ruling, the rest of California will more likely than not follow suit there. There could be an appeal, but California securities laws should be interrupted the same way by all courts in California (or you would imagine the California courts would all come to the same conclusion, but that's not how the U.S. system works). And the facts in all four securities cases alleged by the plaintiff(s) vary, so each case is separate and needs to be ruled upon separately (and there could be different rulings within the same state). 

Very confusing. 

Furthermore, a state court in New York could rule a completely different way (i.e., California could say XRP is not a security, New York could say XRP is a security). On the federal level, the SEC can put this to bed right now and say whether XRP is or is not a security.

And the SEC will, hopefully by the end of the 2018.

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15 minutes ago, 2ndtimearound said:

People seem hurt that Ripple were gifted XRP.  Ripple needed a digital asset as a tool for their software.  They were gifted XRP.  At the time they received it, it was worth next to nothing.   Also, anyone can use XRP for their own business uses.  You don't need to ask Ripple if you can use XRP for your business or not - you can just, you know, use it.  Your XRP is yours to use as you see fit.   Ripple are using their XRP for their business model.  You can use your XRP for your business.  It's a publicly traded asset.  Oil companies use oil as an asset. You can use oil too for your car. 

 

 

trueee 

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18 minutes ago, ed1 said:

What I noticed was that Ripple made a request to move the first case to a federal court as the subject matter involved individuals and companies that resided in other states as well. I guess the idea is to get a verdict from a higher level federal court and settle the matter once and for all.

In fact, this request by Ripple to move the case to a Federal Court was approved apparently. I got curious and searched for it. What I found was this:

https://www.law360.com/articles/1058177/crypto-investor-seeks-remand-of-unregistered-security-suit

"Law360 (June 27, 2018, 8:18 PM EDT) -- An investor in the cryptocurrency Ripple asked a California federal judge to return his proposed class action against the coin’s backers to state court, saying Wednesday that the U.S. Supreme Court recently confirmed that suits like his can’t be removed to federal courts".

So Ripple did have the case successfully moved to Federal court. The person who had sued Ripple wants the case to go back to state court and tried there. I won't comment on this, but it seems pretty ridiculous to make a class action claim knowing that people across the US have bought XRP, yet then ask the case to be held in a local state court. Anyway, I guess the current status is probably at the Federal Court meaning, there'll be a decision that settles this whole mess once and for all.

 

 

Edited by Guest

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9 minutes ago, n2it said:

This. Once these frivolous lawsuits of no merit are thrown out Ripple will have previous rulings to back their contention that XRP is *not* a security. 

Well apparently Ripple has already won the first move, and the case is moved to Federal court.

 

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1 hour ago, Ivandebeers said:

I think these lawsuits are staged just so ripple can have a public sort of case against its name so its on the public record and no one can say it was secretive and enriched a few. Lets just call it protocol. These lawsuits just sound childish to me

I’ve wondered if they aren’t so much staged as they are welcomed... so that Ripple can, in a court of law, establish a clear legal precedent that XRP is not a security. Ripple’s lawyers will eat these bozos for lunch, and once that legal precedent is established, then they can publicly announce that a court of law has declared it a non-security and they have a much stronger position going forward if it’s ever called into question. 

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1.) XRP is the commodity

2.) DLT and the tech interoperability is the railway, highway, ports...

3.) The Ripple team are the new Rockefellers, Vanderbilts and Carnegies...

I'll worry when people aren't coming after them.

It's not easy climbing to the top

 

 

 

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I don't think these people know what a security is. When all these people lose money to lawyer fees and lose their case, us hodlers will be laughing our asses off. I say bring on as many lawsuits as possible. Hell the whole state of California should get on board

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6 minutes ago, pucksterpete said:

and another, from July 3rd

Avner Greenwald CASE# 18CIV03461 filed on July 3 2018 SUPERIOR COURT OF THE STATE OF CALIFORNIA COUNTY OF SAN MATEO same court as VLADI ZAKINOV lawsuit

2018-07-04_18-12-08.jpg

That one includes Chris Larsen as well.

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39 minutes ago, Stormchaser417 said:

I’ve wondered if they aren’t so much staged as they are welcomed... so that Ripple can, in a court of law, establish a clear legal precedent that XRP is not a security. Ripple’s lawyers will eat these bozos for lunch, and once that legal precedent is established, then they can publicly announce that a court of law has declared it a non-security and they have a much stronger position going forward if it’s ever called into question. 

But if this is the idea of it, it slows down progress. Lawsuits can take years. I'm in the middle of one - currently being sued by a pesky neighbor - and by the time it's said and done, that simple lawsuit will have taken 15 months. 

If banks decide not to use XRP until the lawsuits are over, we could be waiting until 2020 at the earliest- for any movement. By then you have competition and XRP is dead. 

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1 minute ago, Loki said:

But if this is the idea of it, it slows down progress. Lawsuits can take years. I'm in the middle of one - currently being sued by a pesky neighbor - and by the time it's said and done, that simple lawsuit will have taken 15 months. 

If banks decide not to use XRP until the lawsuits are over, we could be waiting until 2020 at the earliest- for any movement. By then you have competition and XRP is dead. 

Asia doesnt seem to care

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1 minute ago, invest2lose said:

Asia doesnt seem to care

This is true, US only. And most US big banks probably have a workaround by going to other countries. 

Smaller banks in the US might have trouble though.

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2 hours ago, 2100000 said:

what about the fact that the price of XRP is tied to ripple's business. and how ripple used xrp to push for their business through the university donation and school, teachers children, ellen. these are all used to push forward ripple as a company and in addition xrp of course. a

I'm currently using XRP in a project that's under development. It has nothing to do with Ripple or xRapid.

Ripple could close its doors tomorrow, donate all their XRP to charity, or just lock it up in a wallet and throw away the passphrase. The price could go to. 01 or 1000 usd and it doesn't matter in my project.

It would not make one bit of difference to my project. I bought my XRP and I'm using it completely independently of Ripple. They don't control my XRP.

Ripple is just one group using XRP in their business.

Think of it this way, if ExxonMobil closed its doors tomorrow, would the gasoline in your car stop combusting? 

Edited by Guest

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