Ripple Labs, the company behind the Ripple (XRP) cryptocurrency, has formally requested a US federal court dismiss a class action lawsuit that alleges it illegally sold unregistered securities, Fortune reports. A number of investors are claiming to have lost money after Ripple Labs convinced them to buy its Ripple (XRP) cryptocurrency. The group has demanded that Ripple Labs pay damages and declare that Ripple (XRP) is security. In response, Ripple Labs says that federal regulators have already concluded that Ripple (XRP) is a currency and a commodity, not a security — an assumption based on interpretation of previous regulator statements and not official rulings…
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