Ripple the troubles seem destined to continue for a long time. After the decision of the Securities and Exchange Commission of the United States, collective action is now beginning to pour out from those who believe they are harmed by the company's behavior.
The latest in this regard is that brought by a resident of Florida, Tyler Toomey, who decided to draw the consequences of the accusation brought by the SEC regarding the sale of unauthorized securities by the company.
Collective action against Ripple starts in Florida
Tyler Toomey claims in his lawsuit that he bought 135 XRPs in November last year. Driven to do so by the growth of their share price. When the price of the token began to decline, due to the lawsuit filed by the SEC he decided to sell, accumulating a loss of $ 48,50.
A fairly small loss, but which obviously angered Toomey. Just why Ripple it could not have sold securities which were not authorized by the competent authorities. And from which the Californian company obtained an equivalent value of 1,36 billion dollars.
The same accusatory framework as the SEC
In practice, Toomey, who also acts on behalf of other plaintiffs of the same state, did nothing but replicate the SEC's accusatory system in detail. Blaming Ripple, co-founder Chris Larsen, the CEO Brad Garlinghouse and many other anonymous members of the founding team for making an unfair profit from clearly illegal conduct.
In fact, Larsen and Garlinghouse made over $ 600 million selling XRP. An award which, evidently, is considered absolutely undeserved by Toomey and many others.
For Ripple, this is a devastating cause
For Ripple, the SEC-filed lawsuit, which others are now joining, is indeed devastating. As can be understood from the Banning of XRP by a large number of exchange. Who considered it absolutely advisable to disengage from what is seen as a losing train.
Continuing trading related to Ripple's token, in fact, could expose the exchange platforms to legal consequences similar to those that could affect the company if it were found guilty. An absolutely not remote hypothesis, considering how the SEC had seven long years to deliver solid foundations to its cause.
The latest on the Ripple case
Over the last few hours, the Ripple saga has been enriched with a new episode. Brad Garlinghouse, in fact, revealed on Twitter that he had sought a prior settlement with the SEC, aimed at closing the matter without reaching the courtrooms. An attempt which, however, was rejected by the commission which, with all evidence, thinks it has all the cards in hand useful to be able to get to checkers.
While the CEO's statements allowed XRP to regain ground, the situation around Ripple continues to be very problematic. And it risks being so for a long time to come, considered as this kind of cause lasts a very long time. However, it should be remembered that the lawsuit concerns the United States only and that 95% of the negotiations concerning XRP take place outside the territory of the Union. For non-US users, therefore, absolutely nothing changes at the moment.