Interests Ripple will represent Mary Joe White
Ripple Labs hired representatives of the international law firm Debevoise & Plimpton. In the media, it was reported that the interests of Ripple in court will be represented by Mary Joe White, formerly chairman of the SEC, and Andrew Serezni. Human rights defenders will have the right to defend their interests in a collective lawsuit filed against the company last month. Mary Joe White is known for the fact that in the period from 2013 to 2017, served as chairman of the Securities and Exchange Commission of the United States.
As previously reported, in May of this year, one of the investors of the cryptocurrency XRP filed a lawsuit against Ripple. He accused the company of legislation on securities, as well as legislation of the state of California. The charges were based on the fact that Ripple launched a public sale of tokens.
As a defendant in the court is going to be the head of Ripple are Brad Garlinghouse. The plaintiff claims that the company conducted an endless ICO, which should be regarded as a sale of securities, in accordance with the laws of the United States and the State of California.
The lawsuit filed in the judicial authorities of the government is classified as collective. The fact that he filed on behalf of all investors who have ever bought XRP, after January 2013. As you know, it was at this time the company Ripple Labs was founded.
According to the court documents, the cases will be transferred from the California court to the federal court of the Northern District of California.
The representative of Ripple in the court said that at the time of filing with the US Securities and Exchange Commission, it was not determined whether the XRP token is a security.
"We are convinced that XRP is not related to securities. Thus, the claims of the plaintiffs are not legally justified, "the human rights activist said.
Recall that the cryptocurrencies Ethereum and Ripple, may be issued in violation of the laws of the US states, in the securities sector. This was stated by the former chairman of the Commission on Urgent Exchange Trade of the USA (CFTC), Gary Gensler.