1.1 Billion XRP Transaction Have Been Moved to Ripple OTC Distribution Wallet

In a recent article quoting Stephen Palley and Nelson Rosario, two crypto legal experts, The Block talks about Ripple’s litigation. Ripple has been sued several times accused of selling unregistered securities with their cryptocurrency XRP.

Plaintiffs accuse XRP to be an unregistered securities offering. This is something that Ripple denies explaining that XRP and Ripple are not the same things. Brad Garlighouse has recently stated that XRP would keep being traded in exchanges all around the world even if the Ripple company shuts down its operations.

According to this analysis made by The Block and these legal experts, one of the cases called Greenwald v. Ripple was removed to federal court by Ripple. However, the company decided to remand it once again earlier this fall. They removed the case for a second time explaining that Zakinov had been consolidated with another case.

The experts say that the plaintiff argues that the case should be remanded to allow administrative consolidation to be challenged. Furthermore, they say that consolidation was not a voluntary act. Finally, the plaintiff said that the underlying operative complaint is not removable.

The analysts believe that defendants like federal court better than state court and this is why they have decided to change it. Furthermore, the author of the article mentions that Ripple might be trying to slow down the case as much as possible.

Ripple is trying to search for better regulatory clarity regarding its company and the XRP virtual currency. Due to the fact that there is still uncertainty regarding XRP, there are some companies and exchanges that are not offering XRP support, not allowing the XRP ledger grow even further.

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

three × one =