This didn’t have the fairytale ended that Tetragon thought it would. It is a real shame, that one of Ripple investors decided to try an jump ship over the alleged security lawsuit against Ripple for the sales of XRP. A Delaware court has ruled that San Francisco Fintech company Ripple will be paid $3.463 million in legal fees by U.K. investment company Tetragon Financial Group after its legal defeat. Tetragon—which led Ripple’s mammoth Series C funding round in 2019 — soured on the company after it got sued by the U.S. Securities and Exchange Commission in December.
Earlier this year, the Court in Delaware rejected Tetragon’s claim that the SEC had officially determined XRP’s status. This ruling, coupled with a separate filing the SEC made today, should put to rest any confusion; the SEC has NOT determined that XRP is a “security.”
Let’s call Tetragon’s lawsuit what it is — an opportunistic move to take advantage of the SEC’s allegations. What has always been clear (and made so even more today) is that the SEC still has to try to prove their case in Court; which we do not believe they will be able to do. As our lawyers have said publicly, the SEC is “dead wrong!”