Ripple Combats Investors After Complaints Allege Company of Selling Unregistered Securities | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
A group of investors has filed a complaint against Ripple with the Securities and Exchange Commission (SEC) for dumping illegal securities on investors in the token, as reported by Forbes, August 18, 2019. Bitcoin influencer Tone Vays has taken delight to this, claiming the SEC will “bring down Thor’s hammer” on them. Many investors in the space have recently started to double down on their criticism of Ripple for dumping hundreds of millions of tokens on their investors in the open market.
XRP Battle Gets Heated
This lawsuit will mark the first time in Ripple’s history that they will give an official response to allegations regarding the classification of XRP tokens as a security. Despite a number of investigations and litigations, Ripple has never made a public comment regarding their views on XRP.
Ripple has been actively collaborating with governments, but have seen tough times recently, with CEO, Brad Garlinghouse publicly appealing to United States regulators to implement reasonable and fair cryptocurrency regulations.
Tone Vays, a well know influencer, has been a long-time critic of XRP, garnering a large amount of vitriol from investors with regard to the token. Just a few weeks ago, Ripple released their Q2 report and crypto Twitter didn’t take lightly to the amount of XRP that Ripple sells on the open market.
The amount of money they make by selling their tokens could alone be a business model.