The U.S. Securities and Exchange Commission said in July that companies which raise money through the sale of digital assets must adhere to federal securities laws. The SEC has also subpoenaed firms and individuals behind coin offerings it believes might be breaking the law, a person with direct knowledge of the matter said earlier this year. An SEC spokesman declined to comment on the agency’s view of XRP at the time.

“XRP is a security,” the plaintiff said. “Defendants themselves have recognized that XRP investors have a reasonable expectation of profit, and publicly touted XRP’s price performance on numerous occasions.”