Court to Refuse to Return XRP Case to the Lower Instance

The case by XRP investor alleged that Ripple used dishonest and illegal tactics to control the price of XRP
13 August 2018   637

The Court of the Northern District of California rejected the claim to return the lawsuit against Ripple Labs to a lower court initially formed by investor Ryan Coffey in the San Francisco court on May 3, 2018. Coffey wanted the trial to continue in lower courts in California and not be carried out by federal courts, Bitcoinist reports.

With his suit, Coffey claims to recover the losses he incurred as a result of investing in XRP. He claims that Ripple is manipulating the XRP course with unreasonable statements about the future price of the crypto currency, while violating California Corporate Law and "hiding the role of the security."

He also accuses Ripple CEO Bred Garlinghouse of misleading investors with statements aimed at promoting and enhancing the market rate of XRP. The plaintiff believes that XRP is not a fully decentralized crypto currency, which leads to the conclusion that Ripple may violate securities laws by distributing it.

Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.

Court's Statement

Meanwhile, two lawsuits against Ripple have already been transferred to federal courts in the United States. One of them was issued by a group of investors in late May. Its organizers also claim that they lost money, because they invested them in XRP under the influence of the company's statements, and assume that it can distribute unregistered securities. A third lawsuit with similar applications was filed in early July.

UAE to Launch Ripple's Based Payment System

The system is focused on Asian markets and, according to the head of UAE Exchange will be supported by “one or two banks” working with the RippleNet
14 December 2018   53

UAE Exchange payment company based in the United Arab Emirates creates a blockchain payment system along with Ripple, Reuters reports.

The system is focused on Asian markets and, according to the head of UAE Exchange Promot Manghat, will be supported by “one or two banks” working with the RippleNet payment network. Its launch is planned in the first quarter of next year.

It is worth noting that in the UAE there are many workers from other Asian countries.
More than a third of remittances from this country go to India, 8.8% to Pakistan and 6.9% to the Philippines. Thus, the payment corridor being developed may in the future take a significant share of the international transfer market.

Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream. We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.

Promoth Manghat
Executive director and chief executive, Finablr

According to the information on the UAE Exchange website, the service works with 140 banks and is represented in 31 countries.