The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple Facing New Allegations in XRP Securities Lawsuit

by Daily Hodl Staff
April 2, 2020
in Ripple and XRP

A class-action lawsuit against San Francisco-based global payments firm Ripple now includes two additional accusations.

The lawsuit, first filed in 2018 by lead plaintiff and former XRP investor Bradley Sostack, alleges Ripple illegally sold XRP as an unregistered security, breaching US securities law. An amended complaint submitted on March 25th now claims that the company also engaged in false advertising under California law.

“Lead Plaintiff brings this sixth claim for relief for false advertising in violation of California Business and Professions Code Section 17500 under the alternative theory that XRP is not a security.

Defendants operate a business where they intended to, and did, sell XRP to members of the general public, including Lead Plaintiff. Defendants cause to be made or disseminated through California and the United States through advertising, marketing and other publications, statements that were untrue or misleading, and which were known, or which by the exercise of reasonable care should have been known to Defendants, to be untrue and misleading to consumers and Lead Plaintiff.”

The lawsuit claims that misleading advertising from Ripple includes statements regarding the genesis of XRP, the circulating supply of XRP and adoption of XRP.

A seventh claim against Ripple alleges the company violated the California Unfair Competition Law.

Recent adjustments to the lawsuit also accuse Ripple CEO Brad Garlinghouse of selling 67,000,000 XRP while publicly stating he was holding XRP for long-term gains.

Ripple says XRP is an independent asset and cannot be a security because investors are not shareholders in the company. Since Ripple’s motion to dismiss the lawsuit was denied in February, it can proceed to trial.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Maxim Gaigul

Submit a Press Release

Industry Announcements

  • TMNG Tokens Successfully Listed on MEXC Crypto Exchange
    December 1, 2023
  • Sui Surpasses $150 Million in TVL, Showcasing Blistering DeFi Momentum
    November 30, 2023
  • Duelbits Announces Landmark Collaboration With Football Icon Luis Suárez
    November 29, 2023
  • BinaryX Launches AI Chat Game ‘AI Hero’ With Limited NFT Mints
    November 28, 2023
  • Binance Labs and BNB Chain Open New Founder-Focused Track To Incubate 100 Early-Stage Projects
    November 24, 2023
  • Socrates Launches Groundbreaking Social Media and Entertainment Platform for Web 3.0 Users Globally
    November 23, 2023
  • GCEX Receives Operational VASP License From Dubai’s Virtual Assets Regulatory Authority
    November 22, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$39,618.61
$39,618.61
0.3%
Ethereum
$2,170.63
$2,170.63
0.68%
Cardano
$0.391427
$0.391427
0.78%
XRP
$0.622175
$0.622175
0.46%
Dogecoin
$0.084799
$0.084799
1.21%

Spotlight

  • Top Trader Who Nailed 2018 Bitcoin Bottom Outlines BTC Roadmap to $60,000 – Here’s His Timeline
    November 26, 2023
  • Vivek Ramaswamy Says US Government Feels Threatened by Bitcoin, Promises To Bring Up BTC at Republican Debate
    November 26, 2023
  • Investing Legend Charlie Munger Wrong About Bitcoin, According to Pantera Capital’s Dan Morehead – Here’s Why
    November 26, 2023
  • Crypto Analyst Predicts Rallies for Two Ethereum-Based Altcoins, Updates Forecast on Bitcoin (BTC)
    November 26, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl