We at Top10BitcoinRobots have been on edge, monitoring the Ripple developments. The company is again surpassing headlines, as the Ripple controversy has now taken a legal form after repetitive assertion by its investors.
Though the company has always been a subject for security, however recently the investor’s called Bradley Sostack claimed and filed a lawsuit against the company’s unlawful dealing of unregistered securities.
This has put many investors on edge, both trading on Bitcoin Loophole-type of systems and on exchanges.
On to this, Tone Vays who is a former crypto trader and anchor of Bitcoin Law Review podcast says ” that Ripple will be facing severe legal actions”.
Also, he added that SEC will be soon bringing Thor’s hammer for Ripple. Vays even labeled Ripple a scam. In his tweet, Vays has also promised to share the current lawsuit at the next episode of his review.
The sparks flared at the beginning of the month where the tensions between the investors and company reformed as a lawsuit. The selling of unregistered securities was termed illegal which became the core factor. And all of this – in the light of US lawmakers taking steps toward regulating cryptocurrencies.
As per to latest reports, the company is been asked to submit their response by 2nd week of September. The General counsel of Compound Finance Mr. Jake Chervinsky said ” Ripple for the first time will considerably respond to this ongoing suit for XRP” to Coindesk.
As of now, after Bitcoin and Ethereum, XRP by Ripple is the 3rd highest cryptocurrency and also consists of a market capitalization of 11.4 billion $. In context to the regulation of XRP, Ripple has 60% of market share in it.
In the recent scenario, XRP is facing it’s all-time low at some 25% down in the entire 2019. The chain of lawsuits against Ripple, it’s subsidiary XRP II and Ripple’s chief executive Brad Garlinghouse began last year with the first few lawsuits by investor Ryan Coffey.
Later few more investor’s known as Vladi Zakinov, Avner Greenwald and David Oconer, and recently Bradley Sostack, joined the routine as mentioned above. These are the topmost affluent petitioner for the controversy.
Apart from this, recently Ripple was awarded a grant through Xpring of about 1 billion XRP, which is worth 265 million $. This grant is given to achieve a browser-based startup coil which is a payment processor, that will help to induce a community with “compassionate creators, mindful partners, and consumers”.