The Howey test for security relies on the buyer’s expectations to an extent. This is a major bone of contention when it comes to the 2018 class action surrounding the sale of XRP, which precedes the SEC’s lawsuit against blockchain firm Ripple.
The investor class, in this case, was recently granted certification in a crypto securities lawsuit against the company over XRP losses incurred by the plaintiffs. Ripple CEO Bradley Garlinghouse, along with its subsidiary ‘XRP II,’ contested the certification.
However, Judge Phyllis J. Hamilton of the US District Court for the Northern District of California asserted that the class met the four requirements for certification, allowing the lawsuit to proceed.
Dispute Regarding Class Status Granted to Ripple Investors
The lawsuit in question claims that the San Francisco-based Ripple Labs engaged in a scheme to raise hundreds of millions of dollars by selling XRP to retail investors, deeming the action as a violation of federal and state
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