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Ripple Labs rebuts XRP security class action lawsuit; moves to Federal Court

Priyamvada Singh

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Ripple Labs rebuts XRP security class action lawsuit; moves to Federal Court
Source: Pixabay

Ripple Labs, the parent company of the third largest cryptocurrency in the world, XRP has removed a lawsuit alleging XRP to be a security to the federal district court. Here, the attorney supporting the blockchain firm has retaliated over the allegation that Ripple did not register XRP as a security.

In addition, it was reported that Peter Morrison – the attorney – stated that the lawsuit comes under the periphery of the international cases as it is a consolidated class action, wherein an Israeli resident is also involved in the legal picture.

Utilizing the Class Action Fairness Act, Morrison pushed three points to back the removal of lawsuit. He mentioned that the lawsuit meets all the below requirements and stated:



“A putative class action may be removed to the appropriate federal district court if (1) the action purports to be a ‘class’ action brought on behalf of 100 or more members; (2) any member of a class of plaintiffs is a citizen of a state different from any defendant; and (3) the amount in controversy exceeds $5 million.”

Ripple is the parent company of XRP that reserves the rights to issue and distribute the tokens. Regarding this, the plaintiffs alleged that the firm is involving itself in the mentioned activities to manipulate the market price of the digital asset in the cryptocurrency market.

XRP has been a controversial cryptocurrency under the sight of those who have been caught in the dilemma of whether it is a security or not. This is majorly due to the fact that Ripple holds a large portion of XRP. However, the company has also claimed that the currency is locked up in escrow accounts via smart contracts that only allows 1 billion XRP to be freed every month for purposes related to the development of the ecosystem.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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2 Comments

2 Comments

  1. Avatar

    David

    November 10, 2018 at 5:42 AM

    Old news that no one cares about .

  2. Avatar

    Drew Ritchie

    November 11, 2018 at 10:28 PM

    Ultimate fiat shitcoin!

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News

Ripple-backed XRPL Labs releases XRPayments on Playstore and App store

Namrata Shukla

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Ripple-backed XRPL Labs releases its XRPayments on Playstore and App store
Source: Pixabay

The Ripple-backed startup, XRPL Labs had been working on various technologies to develop the ecosystem. One of these technologies, XRPayment, was in its testing phase and has been finally launched and made available on the Google Play store and Apple app store.

Wietse Wind, the developer of XRPtipbot and one of the developers at XRPL Labs, informed the XRP community about this on his Twitter. Wind stated:

“Right on time! 🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

The application received a lot of traction, especially from the XRP enthusiasts, however, one of the users pointed out an issue he encountered while using the application. Twitter user @almost_summer_ asked Wind:



“hi Wietse great job! just downloaded it, if i open the coinbase or uphold wallet app i can scan the QR but it does not auto fill in the amount of XRP to send. the XRPay web version did fill in the amounts. is that supposed to be like that?”

Wind replied to the user saying that the team wanted users to think about the amount they and perhaps tip the service. He also added:

“Some wallet apps can read a pre filled amount, and the web version implemented that, thus breaking support with some other clients. For this app we wanted 100% support, so we left out the pre filled amount feature for now.”

Wind and the team are also working on a ‘signing platform’ which will enable the users to sign and approve transactions from an application or the web application from any developer, without sharing their mnemonic, through a push message or QR code.





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