Is XRP a security? The question is now sitting before the U.S. District Court in San Francisco.


An ongoing legal battle between XRP investors and payments startup Ripple is entering its next phase.

Attorneys for Ripple Labs and its affiliated defendants filed to move a consolidated class-action lawsuit from its previous venue at the San Mateo Superior Court to the U.S. District Court, Northern District of California, according to court documents published Wednesday.

The defendants argued that the consolidated suit matches the requirements for a case to be brought before the higher, federal court.

In addition to the request to change the venue, Ripple’s attorneys hinted at the company’s defense against the suit, which alleges that the XRP token is a security issued by Ripple. As part of the removal process, they wrote:

>*”Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so.”*

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