Ripple Labs, the company behind the Ripple payment protocol and XRP-based products, is facing another lawsuit alleging the house violated securities laws in the The states.

On Monday, Florida-based XRP investor Tyler Toomey filed a civil adapt against Ripple Labs and Ripple CEO Brad Garlinghouse. The lawsuit alleges that the defendants failed to comply with Florida securities laws by declining to register with the Florida Office of Financial Regulation.

Toomey notes that Ripple Labs and Garlinghouse ar already facing a like lawsuit for reportedly violating federal securities laws. The $ane.35 billion arrange was brought by the U.Southward. Securities and Substitution Commission on Dec. 22, 2020.

The new course-action suit accuses Ripple of selling millions of dollars of unlicensed XRP tokens, and generating large revenues from those sales, stating, "The overwhelming majority of Ripple'southward revenue came from its sales of XRP (over $1 billion), and Ripple relied on those sales to fund its operations."

The plaintiff as well claims that Ripple made false statements most XRP past saying that the token should not exist classified every bit a security. Toomey argues that the defendants knew that XRP was indeed a security:

"Defendants fabricated false statements and/or omissions regarding material facts related to the true nature of XRP. Specifically, Defendants knew that XRP was in fact a security, but affirmatively misrepresented to investors that information technology was not a security. Defendants knew XRP was a security earlier Defendants sold XRP into the market."

Pursuant to federal rules of civil procedure, Toomey has requested a trial by jury for any and all problems brought in the action.

Shortly afterwards the SEC brought their action against Ripple in late 2020, a wide number of crypto companies including Coinbase and Binance.U.s.a. delisted XRP from their platforms. Massive delistings apparently afflicted the XRP market, with Polkadot's DOT overtaking XRP in terms of market place capitalization on January. fifteen. XRP dropped has more than 2% over the past 24 hours. At publishing fourth dimension, the coin is trading at $0.26, according to Cointelegraph's XRP cost index.