Several XRP investors have filed a lawsuit in the Rhode Island court in an attempt to turn the SEC case against Ripple.
In response to what he calls “the most important SEC enforcement effort in recent times,” Friday’s filing is a “mandatory order.” “Delegation” is really just an order from a government official – in this case, the chairman of the Securities and Exchange Commission – to do his job. Prosecutors are asking new acting head Held Roisman to change his path to his predecessor Jay Clayton and begin enforcement against Ripple shortly before he leaves.
The plaintiffs allege that the SEC’s actions violate legitimate investor protection authorities:
Instead of protecting investors and sharing information to help investors make informed decisions required by the mission statement, the respondent intentionally and intentionally caused billions of dollars in losses to innocent investors who bought, traded, received and / or acquired digital data. XRP asset, including the designated applicants and all others located in a similar location. ”
Ironically, XRP investors have filed lawsuits in Rhode Island while the Ripple case is pending in the Southern District of New York.
The Securities and Exchange Commission (SEC) originally filed a lawsuit against Ripple on December 22 after months of investigating Ripple’s long XRP sale that began in 2013. The investor petition contradicts the SEC’s time frame to file this lawsuit and seeks to establish a mismatch between XRP Ripple investors:
“Not only is it legal and intellectually dishonest, but it is absurd to call XRP, which is owned by thousands of innocent investors who have absolutely nothing to do with Ripple’s shares or its executives.”
The use of an apostrophe instead of a comma, even if it is episodic, still tells us in its own way.
The ultimate goal of the lawsuit is to get the court to order the SEC to “change the complaint against Ripple to remove the claim that the applicants’ XPRs are securities.” Such a change, even if it did not help Ripple, would theoretically allow investors to return to free trading in their assets. Anyone who owns a tradable XRP stock knows that the SEC’s determination has broken the bottom line.
XRP has fallen since the SEC began imposing it. Several exchanges have announced that they will close or remove XRP, which will trigger a liquidity crisis for the owners. This is despite assurances from Ripple founder Brad Garlinghouse that the symbol will be good if such an action takes place.