[2020-04-04] Class-action lawsuits filed against 11 Bitcoin companies

[bbc.reporter]

Why has no one filed lawsuits on the most centralized platform in the cryptospace? Ripple. I reckon XRP is the easiest token of all to be classified as an illegal security.

The answer might be political connections hehehe.

[hv_]

Why has no one filed lawsuits on the most centralized platform in the cryptospace? Ripple. I reckon XRP is the easiest token of all to be classified as an illegal security.

The answer might be political connections hehehe.

yep - its not even a crypto thing - but the only way for US to potentially replace all global payment networks like SWIFT .. with a (non-crypto) central US solution ....

it is a security - but must have som hdden agenda / supporters - playing the 'crypto-community' - global innovation game

[malevolent]

what is the protocol for this in civil cases? mutual legal assistance treaties/agreements are negotiated between the department of state and target countries in regards to criminal matters. even so, i don't think the seychelles (where bitmex and binance are registered) has any such agreement with the USA.

Apparently there are some ways from brief googling but in this case it would be impossible or near impossible... and that's where pressuring the country comes in, after all Seychelles is only a tiny country with a GDP of ~$1.5B.

[figmentofmyass]

Why has no one filed lawsuits on the most centralized platform in the cryptospace? Ripple. I reckon XRP is the easiest token of all to be classified as an illegal security.

there's actually an open class action lawsuit against ripple, filed in california. ripple's attorneys tried to have it thrown out in february but their arguments were rejected and the case will move forward: https://bitcointalk.org/index.php?topic=5229385.0

what is the protocol for this in civil cases? mutual legal assistance treaties/agreements are negotiated between the department of state and target countries in regards to criminal matters. even so, i don't think the seychelles (where bitmex and binance are registered) has any such agreement with the USA.

Apparently there are some ways from brief googling but in this case it would be impossible or near impossible... and that's where pressuring the country comes in, after all Seychelles is only a tiny country with a GDP of ~$1.5B.

who's gonna pressure them, the american government? why would they do that?

[malevolent]

who's gonna pressure them, the american government? why would they do that?

Yes. To show who's in charge, to set an example, to make sure even foreign companies learn to toe the line. It could all be behind the scenes and we may not learn of it until much later if ever.

[figmentofmyass]

who's gonna pressure them, the american government? why would they do that?

Yes. To show who's in charge, to set an example, to make sure even foreign companies learn to toe the line. It could all be behind the scenes and we may not learn of it until much later if ever.

i won't rule out the possibility, but it's still pure conjecture. if the SEC and/or FINCEN wanted to take them down on much bigger criminal charges, i could see it. then the DOS and DOJ would get involved and pressure foreign governments.

absent that, i don't see why the USA government would give a shit at all about these alleged victims or these cases. i don't believe for a second that they just intervene in any and every civil ambulance chasing lawsuit in foreign jurisdictions, especially during these times.

i think it's exactly what @gentlemand said: this is the equivalent of patent trolling. they just want an easy payday, settled out of court. scumbag litigation lawyers, doing what they do best.

[malevolent]

i won't rule out the possibility, but it's still pure conjecture. if the SEC and/or FINCEN wanted to take them down on much bigger criminal charges, i could see it. then the DOS and DOJ would get involved and pressure foreign governments.

absent that, i don't see why the USA government would give a shit at all about these alleged victims or these cases. i don't believe for a second that they just intervene in any and every civil ambulance chasing lawsuit in foreign jurisdictions, especially during these times.

i think it's exactly what @gentlemand said: this is the equivalent of patent trolling. they just want an easy payday, settled out of court. scumbag litigation lawyers, doing what they do best.

I hope you're right. I'm just used to seeing the most influential countries (USA nowadays, Russia less so nowadays than in the past) or organizations (EU, UN, etc.) either act shadily or in an authoritarian manner to have things done in other countries as their whim dictates.