It was third in December.Įditor's note: This story was updated after publication to include Ripple's response to to Tetragon's lawsuit. Since the SEC announced legal action against Ripple in December, most major exchanges have halted all XRP trading, which has cost the token a significant chunk of its value earlier today, it dropped from the fourth largest cryptocurrency by market capitalization to the fifth. The SEC’s lawsuit against Ripple provokes existential questions for the company and its token-if XRP is a security, as the regulator alleges, and the company has been selling it illegally, it could mean the end for one of the biggest players in the crypto market. The courts will provide this clarity and we are very confident in our position." The parties briefed Tetragon's request and presented oral argument on February 17th, 2021. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. injunction enjoining Ripple from utilizing its cash and other liquid assets for any purpose other than redeeming Tetragon's Series C preferred stock in full. The statement continued: "Since there has been no such determination, this lawsuit has no merit. In a statement issued earlier today, Ripple said the terms of that deal included a provision "that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity." Tetragon led Ripple’s Series C funding round back in 2019, which raised a total of $200 million. Tetragon has also asked the court for an expedited trial, a preliminary injunction, and a temporary restraining order against Ripple. Bloomberg notes that Tetragon filed the complaint under seal on Monday in Delaware’s Court of Chancery the filing specifically asks that the firm’s preferred Series C Ripple stock be redeemed.
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