Investor sues Ripple | An investor who claims to have lost money buying and selling XRP crypto currency has filed a class action lawsuit against Distributed Ledger Startup Ripple alleging that the company violated state and federal securities laws.
Investor sues Ripple – Ethereum code losses?
Ryan Coffey, represented by James Taylor-Copeland, filed a lawsuit in San Francisco County Superior Court on Thursday. Coffey claims damages on behalf of all investors who bought and sold Ripple (“XRP”).
Ripple is a crypto currency that grew to a market capitalization of over $140 billion in January, but has since fallen back below $35 billion. Ryan Zagone, Ripples Director of Regulatory Relations, told a British parliamentary committee on Tuesday that “there is no direct link between Ripple and XRP”.
The federal law stipulates that companies that sell securities must register with the Securities and Exchange Commission (SEC). Whether a financial instrument qualifies as collateral depends on the Howey test, a standard derived from a 1946 Supreme Court case.
If an instrument involves an investment of funds and brings with it a reasonable profit forecast – an expectation that depends on the actions of a specifically identifiable group of people – then it is a certainty. In Coffey’s complaint it is argued that XRP checks all these boxes.
The question of whether XRP is actually a security is still being fiercely discussed.
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