February 9, 2023

Ripple responds to lawsuit

A blockchain company in San Francisco has asked to dismiss the lawsuit from an investor who accuses the startup of violation of US law.

Investor Bradley Sostak, who blamed the companyRipple in violation of US securities laws, has no right to file such a complaint, they are confident in a startup from San Francisco. Representatives of the blockchain project filed a motion to dismiss the lawsuit, since it was filed three years after the ICO in 2013.

According to Ripple lawyers, Sostak failedProve that I bought tokens during the initial offering. The company also emphasized that it was most likely part of the “general public”, which acquired tokens in January 2018 on the secondary market.

It is also noted in the application that the financialThe US Commodity Futures Trading Commission (CFTC) does not consider XRP a security. Ripple is convinced that the purchase of tokens is not an investment in a company that did not promise any profit. This means that consumers are not subject to consumer protection rules, which means that the claim must be withdrawn without the right to resubmit.