Advertisement
AD

Main navigation

Advertisement
AD

XRP on Track to Be Security in California

Advertisement
Fri, 21/06/2024 - 6:06
XRP on Track to Be Security in California
Cover image via www.freepik.com
Read U.TODAY on
Google News

XRP, the controversial Ripple-affiliated token, is "on track" to be a security in California, according to attorney Fred Rispoli.

Advertisement

On Thursday, a civil securities lawsuit against the San Francisco-based company was given the green light to proceed.   

U.S. District Court Judge Phyllis Hamilton, who is presiding over the case, has ruled that it would be up to the jury to decide whether the token is a security in the context of retail buyers on an exchange. 

Related

Advertisement

This is a major setback for Ripple since it marks yet another diversion from the ruling by Judge Analisa Torres. As reported by U.Today, Judge Torres determined that secondary XRP sales were not securities in a blow to the SEC.

However, the aforementioned ruling failed to gain traction. District Judge Jed Rakoff did not differentiate between programmatic and institutional sales of tokens. A recent Coinbase decision was also largely based on Rakoff's ruling.  

Related

There is some speculation that the SEC might refrain from appealing the case in order not to risk elevating the unpopular Torres ruling. 

It is possible that XRP might end up being a security in California despite not being a security in New York. 

Rispoli claims that the cryptocurrency industry needs to keep pressure on getting federal legislation due to such inconsistencies.

As reported by U.Today, Ripple CEO Brad Garlinghouse previously claimed that he would be willing to take the fight over the legal status of the XRP cryptocurrency all the way to the Supreme Court. 

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD