![]() And when it is made, it will be made by the District Court. The question is not yet resolved, so a determination has not yet been made. The enforcement action, by contrast, asks that question. A determination …resolves the question of whether XRP is a security. The Delaware judge stated:īut XRP is no more a security after the SEC filed the enforcement action than it was before it. Thus, the asset manager had not demonstrated the requisite likelihood of success on the merits of its claim. The reasoning states that Tetragon cannot show that the Wells notice or enforcement action is a securities default. Zurn has thus denied Tetragon’s request for a preliminary injunction, and lifted the previously imposed injunction. 7.Īs Stuart Alderoty, General Counsel at Ripple Labs, now revealed a few hours ago, the Delaware court has ruled that Tetragon’s claim of a “securities default” is false, as there is no official ruling on the status of XRP. To enforce its right as quickly as possible, Tetragon filed a preliminary injunction on Jan. The asset management firm was the largest contributor to a Series C funding round with $175 million and sued Ripple to force stock redemption after the SEC lawsuit was filed. Ripple Labs scored a victory yesterday in its legal battle with Tetragon Financial Group Ltd. SEC, the agency confirmed that only the court can decide on the classification of XRP as a security. The court declined to issue a preliminary injunction and lifted the injunction imposed against Ripple Labs.“ This is why regulation by enforcement wreaks such havoc. “The Tetragon ruling, coupled with the SEC’s filing in case, should put to rest the FUD that the SEC unilaterally determined that XRP is a “security.” Glad that’s settled!”īrad Garlinghouse, CEO of Ripple Labs, also voiced his opinion on both cases via Twitter, denouncing the SEC: Stuart Alderoty, General Counsel at Ripple Labs, commented on the success against Tetragon in combination with John E. “ The Court hearing the SEC’s case against Ripple is “the exclusive method for testing the validity” of the SEC’s claims against Ripple.” And when it is made, it will be made by the District Court.” “… XRP is no more security after the SEC filed the enforcement action than it was before it. ![]() “We look forward to bringing the SEC’s case to a just and speedy resolution and remove the cloud that the SEC’s misguided actions have cast over the XRP market.” Status of XRP Is Not Yet Determined: SECĪccording to the ruling of the judge in the aforementioned case: The SEC has NOT determined that XRP is a security.” “This ruling, coupled with a separate filing the SEC made today, should put to rest any confusion. Ripple made an announcement soon after the ruling: Ripple Announcement of the Judgment Against Tetragon Therefore, the asset manager has not demonstrated the requisite for success on the merits of its claim. The reasoning states that Tetragon failed to show the Wells notice or enforcement action is a securities default. State of Delaware rejected Tetragon Financial Group Ltd’s request for requiring Ripple to go for stock redemption. Ripple Labs has won the lawsuit against Tetragon Financial Group Ltd.
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