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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]