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Ripple new lawsuit (21.03.2019)


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2 hours ago, Longjohn said:

Im afraid these class actions will severely impact xrapid adoption . No way a large FI will purchase large amount XRP from escrow or committ to using XRP. Just throwing it out there but i will bet SBI will again delay for minimum of another year until these issues are cleared up. IMHO SEC will remain silent until these class actions are settled. 

SEC Chair Jay Clayton has said crypto can be both a security and a non-security depending on use case. Impossible to see XRP being a security when it’s used by a FI to transfer value across borders on behalf of a customer. XRP is clearly not a security when used by third parties in xRapid. Whether direct or indirect sales of XRP by Ripple is a security, well, that’s for the court to decide. 

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1 hour ago, spiras said:

Because Stellar is a non-profit organization, they are not subject to same security rules.

Genuine question: What defines the non-profit organization of Stellar? They and their founders posses lots of XLM, they don't sell them on the market? Or just enough to keep the lights on? And because they let IBM develop the software and sell it to banks Stellar themselves can stay in the shadow as a non-profit?

Or is it something else?

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5 minutes ago, Caracappa said:

Genuine question: What defines the non-profit organization of Stellar? They and their founders posses lots of XLM, they don't sell them on the market? Or just enough to keep the lights on? And because they let IBM develop the software and sell it to banks Stellar themselves can stay in the shadow as a non-profit?

Or is it something else?

it is worse than that - there have been questions about the registration and running of the non profit organisation - (sorry no link) It is all very Jed

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4 minutes ago, Caracappa said:

Genuine question: What defines the non-profit organization of Stellar? They and their founders posses lots of XLM, they don't sell them on the market? Or just enough to keep the lights on? And because they let IBM develop the software and sell it to banks Stellar themselves can stay in the shadow as a non-profit?

Or is it something else?

There are two components to Stellar: the SDF and Interstellar. The SDF is the non-profit foundation that controls the disbursement activities etc. of the digital asset XLM. Interstellar is the company component (i.e. traditional CEO, CTO, etc. set up like Ripple) via the merger of Chain and Lightyear. 

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4 hours ago, Longjohn said:

Im afraid these class actions will severely impact xrapid adoption . No way a large FI will purchase large amount XRP from escrow or committ to using XRP. Just throwing it out there but i will bet SBI will again delay for minimum of another year until these issues are cleared up. IMHO SEC will remain silent until these class actions are settled. 

There is absolutely no reason for the SEC to be silent, and they have already indicated to bring clarity soon. Any declaration from the SEC about XRP’s current status does not invalidate a claim regarding it’s status in the past.

Clarity by SEC will probably trigger the next bullrun, any claim for losing money because of buying the asset between 2015 and 2019 will then anutomatically vaporize.

I don’t think any of this has any effect on XRP’s cost-saving capability through xRapid, in which banks and payment providers do not need to hold any XRP themselves to utilize the system. This is handled by market makers.

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6 hours ago, ZeeperCreeper said:

Looks like another opportunist is trying to cash in on the unclarity around whether xrp is or is not a security. 

https://www.businesswire.com/news/home/20190320005824/en/Robbins-Geller-Rudman-Dowd-LLP-Announces-Class

 

I wish we could already leave this FUD behind us.

Maybe @brjXRP17 or @Pablo can clarify here, but I don't think this is a new lawsuit  I believe this is just an additional law firm wishing to become involved in class action proceedings related to the existing case (4:18-cv-06753).    In fact, the news article cites the existing case (4:18-cv-06753 - Zakinov et al v. Ripple Labs, Inc. et al) and the fact that it has already proceeded to the ND of California.  

I'd love to be proven wrong here, but I can't find any additional suits filed against Ripple.  

 

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3 hours ago, Paradox said:

Maybe @brjXRP17 or @Pablo can clarify here, but I don't think this is a new lawsuit  I believe this is just an additional law firm wishing to become involved in class action proceedings related to the existing case (4:18-cv-06753).    In fact, the news article cites the existing case (4:18-cv-06753 - Zakinov et al v. Ripple Labs, Inc. et al) and the fact that it has already proceeded to the ND of California.  

I'd love to be proven wrong here, but I can't find any additional suits filed against Ripple.  

 

 

That's correct.  The Zakinov case was filed in June 2018.  (The other live one is Greewald.  The third one, Coffey, was dismissed.)

Nothing new here.

Edited by Simoun
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