{"id":247142,"date":"2020-01-16T07:49:00","date_gmt":"2020-01-16T12:49:00","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=247142"},"modified":"2020-06-14T15:34:52","modified_gmt":"2020-06-14T19:34:52","slug":"ripple-case-left-unresolved-as-ruling-gets-delayed","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ripple-case-left-unresolved-as-ruling-gets-delayed","title":{"rendered":"Ripple Case Left Unresolved As Ruling Gets Delayed"},"content":{"rendered":"
For those who have lived under a rock when it comes to the crypto industry, it\u2019s prudent to catch up with the entire Ripple saga. The short of it has Ripple created an Initial Coin Offering (ICO) and formed the XRP token<\/a>, but the SEC took Ripple on in regards to them considering the coin to be a security. Should it be proved to be a security under US court, Ripple stands to pay an excessive amount in legal fees as reparations.<\/p>\n However, it seems that the final ruling has been delayed, with no clear indication for how long this delay will be for. The official minute order came today, explaining that a motion that Ripple had filed earlier was being taken under submission. This means that it will take even longer for a full legal solution to find itself.<\/p>\n Before the motion was submitted, the Judge was expected to announce the verdict after the court hearing that happened yesterday. Now though, Judge Phyllis J. Hamilton is going to announce the Judge\u2019s ruling. The time span for the motion\u2019s consideration can span anywhere from days to weeks, all the while everyone involved sits with bated breath.<\/p>\n <\/a><\/p>\n Pull back the clock to December of last year, and Ripple filed a new motion<\/a> to dismiss the lawsuit it\u2019s embroiled in entirely. Simply put, the company argued that the three-year limitation period when it comes to lawsuits of this sort has long since passed. By US law, this mandates that Ripple should be exempt from legal actions against it due to the time that has passed.<\/p>\n Bradley Sostack stands as the lead plaintiff when it comes to this court case. He, for one, is refusing to buy into the argument that Ripple is putting forward, seeing it as merely a ploy to throw the case out. Even with this legal technicality, Sostack still believes that Ripple is liable to reparations. It seems that the SEC is adamant about making Ripple pay for its alleged illegal sale of securities, but whether or not it falls through on the letter of the law is to be determined.<\/p>\n In recent news, Heath Tarbert of the CFTC<\/a> was prompted to comment about whether or not XRP was a security, or instead of a commodity<\/a>. Tarbert cleverly declined to specify. He didn\u2019t deny that the SEC might achieve victory in the court case; however, due to how similar to securities, the token operates.<\/p>\n","protected":false},"excerpt":{"rendered":"Delayed Final Ruling Due To Ripple Motion<\/strong><\/h2>\n
Three Years Too Many<\/strong><\/h2>\n
Refusal To Take Sides<\/strong><\/h2>\n