Former SEC Chair to Represent Ripple in the Court

Ripple Labs hired Mary Jo White (2013 - 2017 Chairwoman at SEC) and Andrew Cerezni to protect Ripple in the court
05 June 2018   1953

Ripple Labs hired representatives of the international law firm Debevoise & Plimpton Mary Jo White and Andrew Cerezni, entrusting them the right to defend their interests in a collective lawsuit filed against the company in May this year. This is reported by Law.com.

Mary Jo White is known, among other things, to be the chairwoman of the US Securities and Exchange Commission (SEC) between 2013 and 2017.

In May, an XRP investor filed a lawsuit against Ripple, accusing the company of violating the federal securities law, as well as the laws of the state of California, when it launched a public sale of tokens.

The defendant is also the CEO of Ripple Brad Garlinghouse. According to the plaintiff, Ripple actually conducted an "endless ICO", which should be classified as the sale of securities under the provisions of the US Securities Act and the California Corporate Code.

The lawsuit itself is classified as collective, as it is filed on behalf of all investors who purchased the XRP token after January 1, 2013, that is, from the moment Ripple Labs was founded.

According to court documents, the case was transferred from a California state court to a federal court in the Northern District of California.

Like any civil proceeding, we'll assess the merit or lack of merit to the allegations at the appropriate time. Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.
 

Tom Channick

Head of corporate communication, Ripple

Meanwhile, a representative of Ripple said that at the time of filing the suit, the SEC did not determine whether the XRP token is a security.

Ripple to Move 1B XRP From Escrow

The community has reacted quite violently; at the current rate, 1B XRP is $225 000 000
02 December 2019   123

California fintech startup Ripple unlocked another $ 225 million XRP tokens from escrow account.

After the first transaction, several tranches totaling 40 million XRP went to unknown addresses. As you can see from the comments above, the community is in mixed feelings.