Fields:
Law of Finance
The District of New York held its first session on the first Tuesday of November 1789 at the Old Royal Exchange in lower Manhattan presided over by Judge James Duane, who was appointed by President Washington. It was the first court to sit under the new United States Constitution, preceding the United States Supreme Court by a few months.
This year in Model Courts of Justice, the United States District Court Southern District of New York, will resolve a dispute on whether XRP is a security or not. The Security and Exchange Commission (SEC), sued Ripple, Chris Larsen and Bradley Garlinghouse. The SEC claimed that Ripple and its two executives violated Sections 5(a) and 5(c) of the Securities Act of 1933 in offering and selling XRP without registering these offers and sales with the SEC. Larsen and Garlinghouse additionally aided and abetted Ripple in violating these provisions according to the SEC while Ripple argues that XRP is a digital currency and not a security.
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