Ripple's Big Investor Sues Company Over SEC's Lawsuit
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Tetragon Financial Group Limited (Tetragon), a closed-ended UK's investment company that backed Ripple, has sued the fintech company after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of selling unregistered securities.

According to Bloomberg, Tetragon wants to"enforce its contractual right to require Ripple to redeem" Series C preferred stock held by Tetragon and to block the fintech company from using any cash or other assets until the payment is done. Tetragon also seeks an expedited trial and asks the court for a temporary restraining order.

US Court Announces Pretrial Conference Date Between SEC and Ripple

As iHodl reported in December 2020, the Missouri-based plaintiff, Thomas Sandoval, filed a lawsuit against the US-based cryptocurrency exchange Coinbase claiming the exchange had been illegally selling XRP knowing the asset might be considered as securities.

According to Sandoval, Coinbase knew that XRP "was not a commodity, but rather a security under federal securities laws." However, the exchange continued offering XRP to the public and charged commissions for the sales. Meanwhile, Ripple says the SEC's submission of a lawsuit against Ripple is an attack on the "entire crypto industry" in the US. The company points out there has always been a "dangerous lack of regulatory clarity" for the market in the US.

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