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A Brilliant Action
As reported by Smartereum, a government securities litigation and enforcement defense attorney at Kobre & Kim revealed the expertise behind this move:
“The Ripple Labs legal team has displayed tactical brilliance here. It’s difficult (sic) explain this smart move in one tweet and I don’t want to do a thread on this issue. However, all I can say is that it is a smart move to push the matter to a federal court. Even if it might not work, it’s still strategic”.
Essentially, the move is smart because this case will become a “nationwide class action lawsuit” even if it stays at a state level.
Unfortunately for the XRP project, this battle over regulation has prevented it from being listed on exchanges like Coinbase. While the SEC has ruled that neither Bitcoin (BTC) or Ethereum (ETH) are securities, we’ve yet to see how that will work with XRP.