- The complaint against Ripple Labs is considered to be false by the court.
- Tetragon Financial Group led the imposition of stock redemptions.
- The absence of the official ruling status of XRP led to the failure of Tetragon.
The legal battle between the two firms has come to an end. Yesterday was the winning day for the Ripple Labs. Ripple Labs and Tetragon Financial Group Ltd’s fight resulted in a victory to Ripple Labs from the imposition of complaints of forcing stock redemptions. The asset management firm – Tetragon Financial Group, filed a complaint against the other on January 7th.
Reason for failure
The General Council of Ripple Labs, Stuart Alderoty, revealed the complaint against them. A few hours ago, he stated that the Delaware court denied Tetragon Financial Group’s impositions. The court claimed Tetragon’s thought of Securities Default as false, as there is an absence of official ruling on the status of XRP. The judge stated the reason for not presenting as an enforcement action being a security default.
The stand of XRP is not more than security after the case was filed. A resolution for the question as XRP security is still present. The court has not yet made any decision regarding this. Whenever the decision is taken, it will be made by the District Court. The XRP holders, especially attorney John E Deaton, seek against the SEC. On the other hand, it claims to be the best method for checking validity. A huge opinion is sorting its way in the form of comments on Twitter. Brad Garlinghouse, the CEO of Ripple Labs, supported the opinion on Twitter by stating the regulations as a havoc creation. It causes massive damage to the retail dealers/ holders. Thus, these holders should not blame the SEC but blame the exchanges for creating such a mess.