Another lawsuit was filed against Ripple for violating securities laws in Florida by one of the first XRP investors Tyler Toomey.
The lawsuit cites current CEO Brad Garlinghouse as a specific defendant in the litigation. He is accused of selling off his stake in XRP while advocating the token in the market, promoting its growth.
“Between April 2017 and December 2019, Garlinghouse halted its XRP sales because the market price of XRP was dropping, thus seeking to avoid a drop in the market value of XRP.“
It seems that the SEC’s lawsuit against Ripple on charges of selling unregistered securities, which has not yet clarified the categorization of crypto assets, has triggered numerous additional litigations.
Ripple, among other things, develops cross-border money transmission solutions, including RippleNet, which provides instant cross-border transfers at low-cost fees.
The Asia-Pacific region is a key area of interest for the company. Ripple is well situated to be a leading source of fintech solutions there.
The latest instance of this tendency is the announced partnership with Lulu Exchange UAE, which will clout Ripple’s cross-border money transmission solution to enable smooth transactions between the UAE and India.
