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Another Lawsuit Claims that Ripple (XRP) is a Security

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Ripple

Yet another lawsuit against a cryptocurrency known as Ripple (XRP) claims that this crypto is actually a security. The lawsuit was filed in San Mateo County, in Superior Court of California by David Oconer, one of the state’s residents.

Ripple faces another lawsuit

Ripple (XRP) has, no doubt, contributed a lot to resolve some of the problems of the modern transactions system. However, this did not prevent multiple parties from filing lawsuits against Ripple and claiming that it is actually a security.

The newest lawsuit came from California, filed by one of the state’s residents, David Oconer. According to Oconer, who has filed a lawsuit in the Superior Court of California, the company Ripple has created XRP in order to fund its own operations by using token sales. Oconer’s lawsuit has named Ripple Labs, the company’s CEO, Brad Garlinghouse, as well as XRP II and 25 other unnamed individuals as defendants.

Part of the lawsuit states that Ripple (XRP) has sold tokens that have all the attributes that would indicate that the XRP is a security. However, the lawsuit also states that the defendants did not register them as securities. Additionally, the purchasers of XRP have bought it expecting to make a profit, inspired by defendant’s frequent highlights that buying the coins would earn them additional money.

The Ripple controversy

Basically, just like other lawsuits against Ripple, this one also claims that the parties that purchased XRP, Oconer included, did so expecting to earn money, which clearly did not happen due to constant price drops. Now, Oconer wishes to sue the company for damage. Additionally, he noted that traditional securities give purchasers a certain amount of control over the company that is selling them, while RIpple does not.

He even accused Ripple of being in complete control of the currency and XRP ledger, and that Ripple’s network is not decentralized.

This is not the first time that Ripple was accused of these exact things, and in the first suit Ripple was represented by Mary Jo White, SEC’s former chair, as well as one of SEC’s former officials, Andrew Ceresney. So far, it is unknown whether they plan to represent the company in other suits as well.

What is currently known is that Ripple will be represented by Skadden Arps, a law firm from New York, in at least one of the suits.

Ripple’s stance towards the XRP has not changed, and the company’s CEO has already stated publicly that XRP is not a security. He continues to claim the XRP is decentralized, and that it has separated from Ripple Labs. He also said that buying XRP coins doesn’t give investors ownership of any part of Ripple, the company.

The lawsuits against Ripple continue to pile up, and the company has yet to comment on the recent development.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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