While the countries are actively working on developing crypto regulations, XRP has faced its third class-action lawsuit for securities fraud.
The third securities fraud lawsuit has been filed against Ripple in California by the lead plaintiff David Oconer who is a private XRP investor.
Ripple Labs, Brad Garlinghouse, its chief executive officer, and XRP II LLC, a money service business unit of Ripple Labs are named as defendants.
Ripple Labs Inc. and the company’s CEO are accused of having conflated their token with its proprietary Ripple technology and of getting illegal benefits from price growth all the time.
According to the lawsuit,  due to the way how XRP cryptocurrency is managed and distributed by Ripple Labs, it should be classified as a security.

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