California Judge Dismisses Federal Claims in Ripple Lawsuit

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As a researcher with a background in law and finance, I’m closely following the ongoing legal battles between Ripple and the Securities and Exchange Commission (SEC) regarding the status of XRP as a security. The recent partial victory for Rippe in the Oakland class-action lawsuit is undoubtedly a positive step for the company. However, it’s essential to acknowledge that this decision only dismissed certain procedural claims and left the most critical question – whether XRP is a security – for a jury to decide based on the Howey test.

As a crypto investor following the developments between Ripple and the ongoing legal action, I’m pleased to report that there has been a positive turn of events in the California court case. Judge Phyllis Hamilton has thrown out several allegations against Ripple in the Oakland class-action lawsuit. Specifically, she dismissed claims suggesting that Ripple had sold unregistered securities. While this isn’t a complete victory for Ripple, it’s certainly a step in the right direction and brings some much-needed relief to the company and its community of supporters.

The determination of whether XRP qualifies as a security is currently undecided, with the responsibility lying in the hands of a jury to make this assessment using the Howey test.

As an analyst, I would rephrase it as follows: I’m pleased to report that in the ongoing Oakland class action against Ripple, the judge has granted our summary judgment motion on both the federal and state securities claims. However, these victories are procedural in nature and do not necessarily imply a final win for Ripple. #XRPHolders #XRP— Fred Rispoli (@freddyriz) June 20, 2024

I, as an analyst, am pleased to report that Stu Alderoty, Ripple’s legal head, expressed satisfaction with the court’s ruling. He stated, “We are content with the dismissal of all class action lawsuits. The remaining individual state claim will be tackled during the trial.”

In a different legal matter, Brad Garlinghouse, the CEO of Ripple, is being sued over accusations that he illegally sold securities in the year 2017.

According to Fred Rispoli, a legal authority, there’s a possibility that these cases could be resolved outside of a courtroom. Moreover, he noted that the debate over whether XRP qualifies as a security is still undecided and might necessitate the enactment of fresh legislation for clarification.

Until the 8th of July, 2024, both parties are required to submit any applications for keeping specific documents confidential with the court.

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2024-06-21 06:29