XRP Investors Sued SEC For Inappropriate Allegations Against Ripple
Holders of XRP Cryptocurrency Claim Irreparable Harm from the SEC
The authors of the petition believe that the SEC does not respect the interests of investors
XRP has plunged more than 50% since regulator sues Ripple Labs and two company executives
International consortium of news organizations developing transparency standards.
Holders of XRP, the fourth-largest coin by market capitalization, have petitioned the Rhode Island District Court for a supreme court order against the Securities and Markets Commission (SEC). It says that the SEC by its actions caused them irreparable damage.
At the end of December, the American regulator officially accused Ripple Labs and two company executives of illegally selling unregistered securities worth about $ 1.3 billion. Investors who have invested in the crypto coin consider the classification of XRP as a security unlawful. They filed a counterclaim claiming that the SEC caused them financial harm by their actions..
What investors accuse the SEC of
XRP holders who have taken legal action claim that the Commission does not protect the interests of American investors. The first paragraph of the statement says that by declaring XRP a security, the regulator violated the interests of investors and caused them serious financial harm.
“As chairman of the SEC, Jay Clayton (hereinafter – Clayton) was obliged to implement the mission of the SEC. Rather than protecting investors and disseminating information to help them make informed decisions, the Respondent knowingly and willfully inflicted billions of dollars of financial harm on innocent investors, including Complainants and anyone else in similar situations who bought, exchanged or received XRP Digital Asset. “.
The petition claims the Commission has had nearly seven years to make a formal announcement or work with Ripple Lab and its leadership. This is more than enough time to take action. According to the plaintiffs, the SEC acted unfairly by presenting its charges right now.
The petition also states that Jay Clayton, the head of the SEC, acted with prejudice and caused irreparable harm to Ripple Labs and XRP. Plaintiffs note that the Commission does not consider Bitcoin and ETH as securities, and this position should apply to the fourth largest cryptocurrency XRP. What’s more, they claim that over 150 client and commercial applications use XRP as currency..
What is XRP
XRP Is a Token As the use of cryptocurrencies grows, new types of tokens are emerging.
#xrp will RISE FAST people will get PRICED OUT
They can represent value or something intangible like voices. Two … More, released by blockchain startup Ripple Lab for payments and money transfers. The company promises instant international transactions with minimal fees.
Ripple has managed to enter into partnerships with many banks. Moreover, before the SEC charges, XRP was traded on almost all cryptocurrency platforms. After the Commission filed a lawsuit against the company, many exchanges and partners have suspended work with XRP pending clarification of the circumstances..
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