Tuesday , August 13th 2019
A new amended complaint against Ripple draws on the SEC's framework for digital assets to outline how XRP might be a security - likely the first federal case to do so. The filing also cites California advertising law, in addition to federal securities law, to argue that investors were misled by Ripple's promotion of XRP. While the case is a year old and has not yet received class-action status, the new complaint is the first that Ripple must respond to with a substantive answer. Ripple has until mid-September to file its response.