The Currency Analytics
By TCA PR
Ripple Has Nothing to Answer for, According to Brad Garlinghouse
Back in September 2019, if you’ll remember, Ripple said that XRP is not a security but an investment contract, in a motion filing to dismiss a lawsuit.
Ripple CEO said, “Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help…
Furthermore, the company stated that XRP is a currency. Based on one footnote from the 37-page filling, it directly addresses whether the XRP is an unregistered security.
In May 2018, XRP investors filed a case against Ripple along with its executives. These group of investors claim that the firm violated the federal and state securities laws.
Yesterday, Digital Assets Daily tweeted what Brad Garlinghouse said. The Twitter post reads, “I think it’s very clear that XRP is not a security….”
In August 2019, the group of XRP investors filed an amended complaint that argues that XRP tokens were unregistered securities under the guidance of Securities and Exchange…
Meanwhile, Garlinhouse defended the integrity of Ripple, where he claims that the company has nothing to answer for.
Following the complaint filed by the XRP investors, Garlinghouse stated from an interview that, “it’s pretty outrageous.
From that interview, Garlinghouse is referencing to Bradley Sostack, the lead plaintiff in the lawsuit against Ripple.
Garlinghouse further stated that, “I think it’s very clear that XRP is not a security. It exists independently of the company, Ripple.
According to Garlinghouse, XRP holders have no ownership rights in Ripple, especially it is a privately owned firm.
Anthony Baldon, a private equity analyst, said that “Looking at XRP as a vehicle for speculation, as some cryptocurrencies have become, there is an exception of buying XRP,…
Additionally, Garlinghouse consider utility not one of the characteristics of security. He said that, “XRP has a lot of utility, to me that’s very different to what a security…
On January 15th, the two parties will meet in the US District Court to deliberate their arguments.