Ripple Moves to Dismiss Securities Lawsuit – Details
Ripple has filed a motion to dismiss a lawsuit over it allegedly selling unregistered securities.
In a court document uploaded by Fortune on September 20th, lawyers representing the company against investor Bradley Sostack dismissed the claims against it. Sostack said Ripple’s sales of altcoin XRP in 2013 constituted an unlawful securities offering.
Ripple has denied this but the case has uprooted some concerns over the legality of Ripple’s operations regarding XRP. New concerns are already rising after lawyers’ motion to dismiss failed to address the securities aspect of XRP.
According to a section, “Because of the multiple, independent grounds for dismissing this action, the Court need not resolve whether XRP is a security or currency for purposes of this Motion, which assumes Plaintiff’s allegation that XRP is a security,”
The latest developments have just a little impact on XRP markets with the token continuing to trade over the past 24 hours just under $0.30.