This week, Ripple’s XRP has suddenly come under fire from an ardent Bitcoin (BTC) supporter, Tone Vays, following the news of an intensified lawsuit against the company.
He states Ripple is set to suffer the wrath of U.S. regulators. Ripple controls the cryptocurrency token called XRP in the U.S. The investor, Bradley Sostack, has taken it to court on the claim of the securities sold by the company to be unregistered.
Cointelegraph reported an increase in the stakes following the amendment of Sostack’s original claim to involve new guidance from the SEC or United States Securities and Exchange Commission.
The reports state that Sostack’s claim has been supported by the latest announcements from the SEC and Ripple has been booked under a filing that demands the company to explain and tend to the accusations next month.
XRP is not too far behind from the recent controversy around Ripple, as the company is under the investors’ microscope due to the strong suspicions of selling unregistered securities, and we at Top10CryptoBots have been monitoring closely.
Now, a cryptocurrency analyst and Bitcoin’s ardent supported, analyst Tone Vays has shown his support for the lawsuit stating Ripple’s XRP as a ‘Scam’ and cautioned that the U.S SEC is going to bring down “Thor’s Hammer” onto the company. As he stated on twitter, “The SEC is bringing Thor’s Hammer” along with “Come at me XRP Army … your scam coin should never have existed.”
Vays has assured his followers to discuss the advancing lawsuit on his podcast called Bitcoin Law Review with a new episode in the following week.
Earlier in August, a freshly redrafted complaint was filed with the SEC against Ripple, using the committee’s own statement to indicate that Ripple sold illegal, unregistered securities. There is an expected showdown going to take place between the unsatisfied investors and the company.
Ripple is demanded to file a response latest by mid- September. The company has been struggling with the lawsuit from May of 2018. People are wary of trading it even on safe platforms like Bitcoin Loophole.
The general counsel at a cryptocurrency lending startup known as Compound Finance, Jake Chervinsky, informed Coindesk that the filing is going to be the first time in the long history of this lawsuit that Ripple is expected to respond significantly to the allegations and claims around XRP.