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XRPs utility up for debate in ongoing Ripple lawsuit

 
XRPs utility up for debate in ongoing Ripple lawsuit
Breaking News / Ripple / XRPUSD
  • The team representing Brad Garlinghouse have argued that any statement they made overstating the utility of the company's token, can’t be proven false. 
  • This comes as the federal case against the blockchain company goes in an unexpected direction.

The legal team representing the chief executive officer of ripple, Brad Garlinghouse have argued that any statement they made overstating the utility of the company's native token, can’t be proven false. This comes as the federal case against the San Francisco-based blockchain company goes in an unexpected direction.

Lawyers for both the company and the CEO himself have argued plaintiff and ripple investor Bradley Sostack is unable to prove that the company must let investors with its supposed bullish claims about the token and sold it as an unregistered security. The legal team has referred to the investors comments as unsupported without any logic. 

The filing further said:

"In short, plaintiff fails to offer the factual allegations needed to show that Ripple's and Mr. Garlinghouse's statements were false when made."

Sostack attorneys hit back arguing that the token hadn’t got any utility at all, to which Ripple responded saying that this should’ve been raised in the initial lawsuit against them. 

For those that don’t know, this is a case that goes back to August last year when the lawyers for Sostack filed a class action lawsuit against the San Francisco based company claiming that it had sold its tokens as an unregistered security.

This is an argument that has been going on for a while throughout crypto space.


It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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