The renowned San Fransisco-based blockchain powered cryptocurrency firm Ripple’s technology subsidiary Ripple Labs is making headlines. The crypto firm is fighting several civil cases in the State Court of California. This is to turn their native cryptocurrency digital asset token Ripple [XRP] into Securities. The crypto firm is urging that the case filed as a class action lawsuit should take place in a federal court.
The crypto firm recently abjured their case concerning the regulations of their native cryptocurrency digital asset token Ripple [XRP]. Furthermore, the crypto firm is urging that the lawsuit should be entertained in a federal court. This is due to the fact a number of investors in the crypto firm are beyond the geographical boundaries of the State of California.
Turning the “XRP as Securities” to a Federal Court Case
Ripple Labs is a blockchain development company in the United States. It works on the development of the Ripple payment protocol and crypto exchange network.
Peter Morrison, the Attorney supporting Ripple Labs stated that the lawsuit carries with a resident from Israel. Thus it should be handled as an international case and must be moved to a federal court.
Morrison used the Class Action Fairness Act which helped the crypto firm put up their point. He stated: “A putative class action may be removed to the appropriate federal district court if [1.] the action purports to be a ‘class’ action brought on behalf of 100 or more members; [2.] any member of a class of plaintiffs is a citizen of a state different from any defendant; and [3.] the amount in controversy exceeds $5 million.”
Jake Chervinsky, an Attorney at Kobre & Kim talked about this will prove to be an excellent move for the firm. “Ripple’s legal team showing some tactical brilliance here. It’s hard to explain the procedural maneuver in one tweet & I’m not going to thread this, but suffice to say it’s a seriously crafty attempt to go federal. Might not work, but slick regardless.”
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