A federal judge’s interpretation of the hazy definitions of securities and public offerings in the cryptocurrency world could determine whether an investor class action proceeds against financial tech company Ripple Labs.
On Wednesday, Chief District Judge Phyllis Hamilton of the Northern District of California heard Ripple Lab’s case for dismissing a class action claiming the San Francisco company deceived investors of its XRP cryptocurrency. If the case proceeds, “it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and threaten to destroy” the market, which has seen $500 billion in trading in the last two years, according to the motion.
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