![]() The SEC admitted that it has not yet made a decision on the status of XRP. The SEC stated: In addition, Alderoty also referred to a current lawsuit that XRP holders – specifically, attorney John E. 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.
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