Ripple Labs is currently facing a lawsuit filed by early XRP investors who allege that Ripple sold them unregistered securities. Ripple has constantly denied the allegations and has claimed that XRP is not a security. The CTO of Ripple tweeted that their attorneys have “the best words.” Answering a question on Quora, David Schwartz also explained why Ripple needs to sell of XRP.
Our attorneys have the best words.
— David Schwartz (@JoelKatz) January 19, 2020
Ripple requests the court to dismiss the class-action lawsuit.
Ripple has requested that the Northen District of California judge Phyllis Hamilton to dismiss the class-action lawsuit filed against it. Ripple also said that the court’s decision to continue the lawsuit would not only threaten to eliminate XRP’s utility as a currency, but it would upend and threaten to destroy the established XRP market more broadly. Earlier, the Chairman of the US Commodity Futures Trading Commission, Heath Tarbert, said that it is unclear whether XRP is a security or a commodity.
Boies Schiller Flexner LLP is representing Ripple Labs.
The lawyers representing Ripple in this class-action lawsuit are Kathleen R. Hartnett and Damien J. Marshall, who belong to the New York law firm – Boies Schiller Flexner LLP. One of the founding members of this law firm happens to be David Boies, one of the country’s most widely recognized lawyers. David Boies had previously successfully represented the US government in an anti-trust lawsuit against Microsoft.