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14 December 2019

Disgruntled Investor Appeals to U.S. SEC Guidelines in Class Action Suit Against Ripple

Disgruntled Investor Appeals to U.S. SEC Guidelines in Class Action Suit Against Ripple


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SEC Guidelines in Class Action Suit Against Ripple.

XRP investor Bradley Sostack has amended a class action suit against Ripple, in which he alleges that the company misled investors and proceeded to sell XRP as an unregistered security, in violation of federal law.

13, the original class action suit was filed about a year ago, but had yet to gain traction as a class action suit.

Crucially, the report notes that Sostack’s latest complaint cites guidance issued by the United States Securities and Exchange Commission arguing that XRP counts as a security.

“The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”

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