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BREAKING : Lawsuit Against Ripple Officially Dropped !

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The lawsuit against Ripple that was filed back in May was finally dropped by the US Northern District of California court.

Lawsuit Against Ripple Denied

Ripple Labs Inc. has been a subject of multiple controversies, especially when it comes to its cryptocurrency, also called Ripple. The coin has been accused of centralization, and the company even received a lawsuit that stated that they used illegal and dishonest tactics to trick the investors and control the coin’s price.

While many who support and make these claims have stopped at bashing Ripple on social networks, there were also those who took action against the company. Back in May of this year, an XRP investor by the name of Ryan Coffey filed a lawsuit against Ripple after suffering losses instead of gains on his investment. Coffey led an entire group of displeased investors and has filed a lawsuit against Ripple Labs on May 3rd of this year.

He issued ‘Order Denying Motion to Remand’, which ensured that the case would remain in the lower courts of California, instead of advancing to Federal levels. Due to an apparently bad investment, Coffey suffered losses when Ripple price went down. After that, he demanded compensation for his financial loss, and when he did not receive it, he accused Ripple Labs of manipulating the price of XRP in order to make profits and damage its investors.

According to him, Ripple promoted its crypto through the media, while at the same time, it used the media to make prices go up or down. Simultaneously, he accused XRP of being a security, and Ripple Labs of ignoring the California Corporations Code regarding the securities laws.

Additionally, the lawsuit also accused Brad Garlinghouse, Ripple’s CEO, directly. Garlinghouse was accused of misleading investors and falsely explaining how the products of the company are being used. Coffey finally accused the XRP of not being decentralized and violating federal laws regarding securities.

 

 

 

Bitcoin

Tron’s Justin Sun Postpones Lunch With Warren Buffet

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Justin Sun’s hotly-anticipated lunch with billionaire investor Warren Buffett has been postponed, the Tron Foundation announced Monday.

Sun has fallen ill with kidney stones, the foundation said on Twitter. The parties have “agreed to reschedule at a later date.”

The lunch, scheduled for July 25, was the prize for winning a charity auction. Sun bid $4.6 million earlier this year and seemingly intended to introduce the notoriously crypto-skeptical Buffett to a number of influential figures in the space.

As of Monday, Sun had lined up Circle’s Jeremy Allaire, Huobi’s Chris Lee, eToro’s Yoni Assia and litecoin creator Charlie Lee to join him.

The specific subjects to be discussed during the steak meal were not disclosed; however, Buffett has famously called bitcoin “rat poison squared,” and made a number of other unflattering remarks about cryptocurrencies.

Sun, himself a controversial figure, is the creator of the Tron cryptocurrency and head of its namesake foundation. He convinced Buffett to move the charity lunch from its traditional New York location to Silicon Valley.

Justin Sun at Consensus 2019 image via CoinDesk archives.

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Bitcoin

Bitfinex Claims ‘New York’ Customers Cited by NYAG Are Foreign Entities

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Arguments that Bitfinex and Tether served New York residents through 2018 are misleading, new legal filings by the companies claim.

A new affirmation by Bitfinex and Tether general counsel Stuart Hoegner says a previous filing by the New York Attorney General’s office claiming that Empire State residents used the companies’ platforms for far longer than previously stated “contain a number of inaccurate and misleading assertions.”

According to Hoegner, some documents presented as evidence by the NYAG which appear to outline how New York residents could trade on Bitfinex “make clear that we would only do business with a foreign entity having no presence in New York,” while other documents describing Bitfinex customers based out of New York were actually about “foreign ECPs [eligible contract participants].”

These foreign ECPs, according to Hoegner, include former Fortress partner Mike Novogratz’s Galaxy Digital, which has an address listed in New York City.

Other traders listed as being New York residents were also nonetheless “foreign ECPs,” Hoegner claims.

Moreover, Bitfinex ceased serving New York residents in January 2017 and all U.S. residents in August that same year, Hoegner claims. He added that all U.S.-based entities and corporate customers were banned a year later.

Other arguments

A separate filing by Bitfinex and Tether’s attorneys argues that the New York Supreme Court should dismiss the case because the NYAG’s office did not serve papers to Bitfinex, Tether, or the other affiliated companies in time according to law; the companies “have not purposefully availed themselves of doing business in New York”; USDT is not a security or commodity as defined by the state’s Martin Act; and the law the NYAG’s office is citing does not apply.

The filing also argues that the NYAG is wrong to claim jurisdiction on the grounds that New York residents may have utilized Bitfinex’s platform through the summer of 2018, since this period ends well before the exchange first lost access to its funds in October 2018, which is the main issue the NYAG’s office is purportedly looking into.

The case began in April 2019, when the NYAG’s office filed a complaint against Bitfinex, Tether and other affiliated companies, claiming that Bitfinex covered up the loss of $850 million by borrowing from Tether’s reserve.

Tether, issuer of the ostensibly dollar-backed stablecoin USDT, extended a $900 million line of credit to Bitfinex, though the crypto exchange did not borrow the full sum before a judge issued a temporary injunction freezing the movement of funds from the stablecoin issuer.

Attorneys for Bitfinex and Tether claim that the decision to extend the line of credit was made independently, although the companies share executives and owners.

Monday’s documents are aimed at supporting Bitfinex and Tether’s motion to dismiss the NYAG’s case. The parties are due back in court on July 29.

New York Supreme Court image via Nikhilesh De for CoinDesk

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Blockchain

Iran Officially Recognizes Crypto Mining Industry

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July 22, 2019 8:46 PM

Iran’s Chamber of Commerce, Industries, Mines and Agriculture has officially recognized the cryptocurrency mining industry, meaning the country will now have to work to regulate the activity within its existing legal structure.

Read the full article here.

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