Ripple Case Thrown Out, Plaintiff’s Motion Denied, Is XRP a Security?

Ripple Case Thrown Out, Plaintiff's Motion Denied, Is XRP a Security

Ripple has been found under a number of cases leading to dishonest tactics of controlling the price of the third most popular cryptocurrency – XRP. One of the cases has been dismissed and could help Ripple on its way from clearing the way using this as a nationwide precedent.

The case that was dismissed is related to an XRP investor by the name of Ryan Coffey who brought up the matter first on May 3rd in the San Francisco court. It was filed towards Ripple Labs Inc. with an issue of ‘Order denying Motion to Remand’ to ensure that the case was debated in lower courts and not the Federal Courts.

The case in question was in regards to media promotion by Ripple to manipulate XRP’s price, and not paying attention to the California Corporations Code.

The Court issued the following Statement

“[W]hen an anti-removal provision such as Section 22(a) is invoked, the threshold question is whether removal is being effectuated by way of the general removal statute, 28 U.S.C § 1441(a), or by way of a seperate removal provision that “grants additional removal jurisdiction in a class of cases which would not otherwise be removable under the prior grant of authority.” If removal is being effectuated through a provision [like § 1453,] that confers additional removal jurisdiction, and that provision contains no exception for non removable federal claims, the provision should be given full effect.”

Finally, the favor is given to Ripple-

“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”

Ripple with its court cases is still miles ahead in terms of partnerships, celebrity endorsements, and even political connections.  Two weeks ago, Ripple announced the keynote speaker for its annual Swell conference in October would be former American president Bill Clinton.

Toshi Times would like to know if you think XRP should be a security or not.

Image Source: “Flickr”

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