Tetragon xrp4/12/2023 ![]() Vice Chancellor Zurn disagreed with Tetragon, concluding that neither the Wells notice nor the SEC's lawsuit qualified as a final and authoritative SEC determination that XRP is a security. In that lawsuit, Ripple maintains that XRP is not a security. In the New York suit, the SEC alleged that XRP is a security and that Ripple sold 14.6 billion XRP tokens since 2013 without filing a registration statement. Tetragon argued that the SEC has officially determined that XRP qualifies as a security when it issued a Wells notice and then filed an enforcement action against Ripple and two of its executives in December 2020 in the US District Court for the Southern District of New York. The ruling addressed a central issue in Tetragon's suit: whether recent actions brought by the SEC effectively determined that XRP qualifies as a security, a determination that would have sweeping implications for the cryptocurrency market as a whole. Ripple, for its part, took the position that no securities default had happened because the Securities and Exchange Commission (SEC) has not yet issued a final decision that the token qualifies as a security. Tetragon argued that a securities default occurred under the parties' stockholders' agreement, triggering Ripple's redemption obligations. ![]() (Tetragon), an investment company and majority shareholder of Ripple's Series C preferred stock, sought a preliminary injunction to force a $175 million stock redemption by Ripple. Ripple uses blockchain innovation, including the cryptocurrency token "XRP," to send money around the world. (Ripple) achieved a big win in Delaware Chancery Court bearing on whether a cryptocurrency token qualifies as a security under the US securities laws. On March 5, 2021, payments technology company Ripple Labs Inc.
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