The Ripple lawsuit, which had become a highly controversial talk among the community, will now have two Securities and Exchange Commission [SEC] representatives supporting the firm. Earlier in May, an investor named Ryan Coffey filed a lawsuit against Ripple Lab Inc, XRP II LLC, and CEO of Ripple Brad Garlinghouse.
Ryan claimed that XRP tokens were “fully generated prior to distribution” and called the distributed ledger startup a “never-ending ICO”.
As reported by the Recorder, Mary Jo White, the Former SEC Chair, along with her enforcement Chief Andrew Ceresney will represent Ripple in the lawsuit now. The case will take place at an international law firm called Debevoise & Plimpton LLP based in New York City.
The cryptocurrency community has expressed their views on this decision by Ripple on various social media platforms.
Erik van Dijk, a Twitterati says:
“Whether or not #XRP is a security is for the SEC to decide. We continue to believe $XRP should not be classified as a security,” Tom Channick, Ripple’s head of corporate communications – @Ripple is in good hands, former SEC chair hands!! #0doubt #XRPthestandard”
Another Twitterati says:
“Wonder how much they greased her with? $XRP”
A Ripple Proponent named Storm Chaser says:
“Smart play. They don’t care about this moron who’s suing them. They care about legally establishing a solid precedent in court that they are not a security. It wouldn’t surprise me if this lawsuit was welcomed by them just to give them the chance to clearly establish it.”
A Twitter user named, Thunder Box says:
“I’m not a lawyer so don’t know how these things work. But a really do hope that @ripple can sue for costs once this ridiculous suit is dealt with.”
When the lawsuit was filed, there were also rumors which spread across the Ripple community that this lawsuit was a way to force SEC to further investigate whether Ripple is a security or not. The case alleged that Ripple violated state and federal securities laws.
An XRP supporter commented on Twitter:
“Haha “A representative for Ripple did not immediately respond to a request for comment.” Of course @Ripple has to reply immediately to FUDDesk ffs I wouldn’t let you print school kids meals cards you hate filled jokers! #xrparmy #xrp @RIPPLEARMY #xrpthestandard”
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