Tetragon Lost Case to Reclaim $175 Million Ripple Investment
- Ripple called the lawsuit 'an opportunistic move'.
Tetragon Financial Group, which filed a lawsuit to get back its $175 million investment in Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term Labs, lost its bid as a Delaware court ruled against the UK-based company’s claims.
The investor’s attempt to reclaim part of its $200 million investment in Ripple’s Series C round came with a lawsuit filed in January. Its claims were based on the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission’s allegations over the unregistered security status of XRP.
“But, XRP is no more a security after the SEC filed the enforcement action than it was before it,” the Delaware Judge said in the ruling on Friday. “A determination…resolves the question of whether XRP is a security.”
“The enforcement action, by contrast, asks that question. The question is not yet resolved, so a determination has not yet been made. And when it is made, it will be made by the District Court,” the Judge added.
The Big Crypto Case
The SEC alleged that Ripple raised $1.3 billion since 2013 with the sale of XRP, an unregistered security, and thus violated the United States securities act. Tetragon sought the freeze of Ripple’s assets if the company failed to return the investment proceeds.
Ripple harshly criticized the intentions of Tetragon, calling the lawsuit “an opportunistic move to take advantage of the SEC’s allegations.”
“What has always been clear (and made so, even more, today) is that the SEC still has to try to prove their case in Court; which we do not believe they will be able to do,” Ripple added. “As our lawyers have said publicly, the SEC is ‘dead wrong’!”
Furthermore, the lawsuit named Chris Larsen and Brad Garlinghouse, and both recently filed motions seeking dismissal of charges against them. The twin letters pointed out the lack of solid evidence against Ripple in the SEC lawsuit and also questioned the regulator’s jurisdiction in the case.
Tetragon Financial Group, which filed a lawsuit to get back its $175 million investment in Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term Labs, lost its bid as a Delaware court ruled against the UK-based company’s claims.
The investor’s attempt to reclaim part of its $200 million investment in Ripple’s Series C round came with a lawsuit filed in January. Its claims were based on the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission’s allegations over the unregistered security status of XRP.
“But, XRP is no more a security after the SEC filed the enforcement action than it was before it,” the Delaware Judge said in the ruling on Friday. “A determination…resolves the question of whether XRP is a security.”
“The enforcement action, by contrast, asks that question. The question is not yet resolved, so a determination has not yet been made. And when it is made, it will be made by the District Court,” the Judge added.
The Big Crypto Case
The SEC alleged that Ripple raised $1.3 billion since 2013 with the sale of XRP, an unregistered security, and thus violated the United States securities act. Tetragon sought the freeze of Ripple’s assets if the company failed to return the investment proceeds.
Ripple harshly criticized the intentions of Tetragon, calling the lawsuit “an opportunistic move to take advantage of the SEC’s allegations.”
“What has always been clear (and made so, even more, today) is that the SEC still has to try to prove their case in Court; which we do not believe they will be able to do,” Ripple added. “As our lawyers have said publicly, the SEC is ‘dead wrong’!”
Furthermore, the lawsuit named Chris Larsen and Brad Garlinghouse, and both recently filed motions seeking dismissal of charges against them. The twin letters pointed out the lack of solid evidence against Ripple in the SEC lawsuit and also questioned the regulator’s jurisdiction in the case.