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 The head of the crypto platform brad Garlinghouse and another 10 people are accused of violating the Federal securities law and the California code of corporations.                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                  
 The initiator of the lawsuit speaks American Ryan Coffey. He claims that he lost money on the purchase and sale of ripple tokens (XRP), which are securities, during the "endless ICO" project.

Coffey bought 650 XRP tokens, at a price of $ 2.60 apiece in early January this year. Exactly 12 days later, he sold them for USDT tokens, losing about a third of the funds invested in the cryptocurrency.                                                                                            
                                                                                                                                                                                                                                                
 "The defendants gained huge profits by quietly selling XRP to the General public, which can be regarded as an infinite initial coin offering (ICO). To raise the demand for XRP and increase profits from its sale, Ripple Labs has consistently positioned XRP as a good investment, voiced optimistic forecasts about its price, and made XRP an integral part of the corporate clientele," the lawsuit says.                                                                                                                                                                                    
                                                                                                                                                                                                                                       
 Platform developers have already commented on the claim. The head of corporate communications Ripple Tom Channick said that it is the prerogative of the us securities and exchange Commission (SEC) to consider XRP tokens to be registered or unregistered securities.                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
 The claim is classified as collective, as filed on behalf of all investors who purchased the XRP token after January 1, 2013, that is, since the founding of Ripple Labs.                                                                                                                                                                 
                                                                                                                                                                                                                                                        
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 I recall that former Chairman of the us derivatives trading Commission (CFTC) Gary Gensler has repeatedly stated that the largest after bitcoin cryptocurrency Ethereum and Ripple could be issued in violation of US law in the field of securities.                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                        
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