Investors have supplemented the class action against block-start-up. They claim that Brad Garlinghouse positioned himself as a "walker" and described his position as "very, very long", but in fact gradually realized his altokoynye.
The class action against Ripple was supplemented by charges against the head of the company Brad Garlinghaus. Investors claim that he was promoting XRP tokens while selling them himself. In 2017. Garlinghouse described his position as "very, very long" and called himself a "walker," according to the case file. In fact, the block-start-up CEO sold 67 million XRP in a year, and he did so within days of receiving it from Ripple, claim claimants, reports Cointelegraph.
Investors believe that Rippe and Garlinghouse are deceivingly promoting XRP as an "interim currency" to avoid classifying it as a security. Plaintiffs believe that the company specifically violates the relevant legislation, but at the moment, U.S. financial regulators, such as the SEC and CFTC, have not recognized a block-start-up token as a security.
"False statements about the practical value of XRP are nothing more than an attempt to evade the application of securities laws and increase demand for token," the statement said.
Earlier, Garlinghouse said the company is as dependent on XRP sales as it is on other sources of funding. Ripple would have no profit and would not be able to maintain a positive balance if it refused to sell tokens, the company CEO said.
This contradicts what Ripple's technical director David Schwartz said. In December last year, he said that the block-startup never depended on the sale of XRP tokens.
The case against the San Francisco company was resumed in February 2020. Plaintiffs were allowed to reapply for violation of the Ripple Securities Act.
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