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XRP has struggled after the Securities and Exchange Commission appealed a U.S. District Court ruling in favor of XRP in a prior lawsuit.
The XRP Ledger operates on a consensus protocol that differs from traditional proof-of-work (PoW) and proof-of-stake (PoS) mechanisms. [ 8 ] [ 3 ] Transactions are validated by a network of independent validators who reach consensus every 3 to 5 seconds, enabling rapid transaction settlement. [ 8 ]
The defendants agreed to turn over all data involving XRP transactions. [33] In July 2023, the district court ruled on the SEC lawsuit, finding that the XRP token sold by Ripple Labs was not a security. However, if sold in institutional sales, or used as a fundraiser, such actions could be classified as a security in those circumstances.
A disgruntled XRP investor has filed a class-action lawsuit against Ripple, alleging that the company violated US and state-level securities regulations by selling the token to the general public.
Settlement date is a securities industry term describing the date on which a trade (bonds, equities, foreign exchange, commodities, etc.) settles. That is, the actual ...
SEC v Ripple news updates appear to favor Ripple’s defense. Despite this, XRP continues its pullback from $0.91 levels struck in late March.
The total value of the settlement will be about $7.25 billion. [9] [10] This amount could be decreased based on the number of plaintiffs who opt-out. [11] A part of the settlement that allows merchants to charge fees to customers paying via credit card in order to recoup swipe fees took effect on January 27, 2013.
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related to: xrp lawsuit settlement date calculator