Ripple Says ICO Suit Alleging Crypto Is Security Filed Too Late

Law360 (September 20, 2019, 10:07 PM EDT) -- Ripple Labs has moved to dismiss a consolidated complaint in California federal court that alleges its offering of the XRP cryptocurrency was in fact an unregistered securities offering, saying the allegations were brought too late and highlighting various other deficiencies.

The motion to dismiss filed in the Northern District of California on Thursday, however, does not address at length the central contention in the complaint: that the sale of XRP constituted a securities offering.

"For purposes of resolving this … motion, however, the court does not need to confront whether the securities laws apply because, even assuming they do, plaintiff's claims...

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