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   1516

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.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   508

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.