12/24/2023 0 Comments Tetragon vs rippleThis story was updated at 4:33 pm EST to include a statement from Ripple That event will give the world the first look into Ripple’s uphill battle against the SEC. The Southern District Court of New York has scheduled Ripple’s initial pretrial conference for 10 am on February 22nd. Wright, he has proof that supports the claims the plaintiffs are making in the class-action lawsuit. There is a class-action lawsuit against Coinbase that claims that Coinbase violated California’s unfair competition laws when they profited from the sale of XRP even though they knew that XRP was an unregistered security. However, it may be too late for some of those exchanges. Since the news broke regarding the SEC lawsuit, several digital currency exchanges and OTC desks have made announcements saying that they would no longer support XRP trading pairs. LARSEN lawsuit has even created trouble for several companies that supported XRP trading pairs. ![]() RIPPLE LABS, INC., BRADLEY GARLINGHOUSE, and CHRISTIAN A. Considering that the SEC had eight years to build a case against Ripple, Ripple’s chances of getting out unscathed are looking extremely slim–unless, the company settles with the SEC. for conducting a $1.3 billion unregistered securities offering. This is the first major lawsuit against Ripple since the SEC sued Ripple Labs Inc. The courts will provide this clarity and we are very confident in our position. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Since there has been no such determination, this lawsuit has no merit. In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. In addition, Tetragon has asked the court for a temporary restraining order, a preliminary injunction, and an expedited trial. Tetragon is also looking to block Ripple from using any cash or other liquid assets until the payment is made. filed the complaint on January 4th in Delaware Chancery Court and is looking to enforce its contractual right that requires Ripple to redeem the Series C preferred stock owned by Tetragon. By bringing a massive enforcement case, the SEC acknowledges they didn’t ‘determine’ anything, but the crypto markets – under pressure – interpreted the filing as such, causing massive damage to retail holders.Tetragon capital, the lead investor in Ripple’s $200 million Series C round, has sued Ripple Labs. “This is why regulation by enforcement wreaks such havoc. Garlinghouse points out that the SEC’s decision to regulate XRP and the crypto space by bringing actions against the firm can cause confusion leading to complicated and fruitless legal battles as is the case with Tetragon. ![]() The Tetragon ruling, coupled with the SEC’s filing in case, should put to rest the FUD that the SEC unilaterally determined that XRP is a ‘security.’ Glad that’s settled!” “Update on Tetragon’s Series C shareholder suit: the Judge ruled that since there has been no official determination regarding XRP’s status, Tetragon’s claim that a securities default occurred is wrong… The Delaware Court found that the SEC had not yet determined that XRP is a security and therefore Tetragon’s claim to freeze Ripple’s liquid assets until they redeem their Series C preferred stock is not valid. State of Delaware’s latest decision to reject Tetragon Financial Group’s request for a preliminary injunction against the firm. Powell issued his statement in response to a Twitter thread from Ripple CEO Brad Garlinghouse and Ripple general counsel Stuart Alderoty regarding the U.S. Safe harbor pending outcome would have been responsible if only purpose is to ‘test.’” If XRP is found to be a security, the SEC would say that exchanges should have known. Have to assume SEC’s case is in good faith. The Kraken CEO warns that crypto exchanges may be put at risk as a side effect of the SEC’s legal battle with the digital payments company.
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