The SEC has filed legal objections against Ripple, as well as a civil case in California. The XRP lawsuit’s is reaching its end, and a recent court decision dropped a significant claim against Ripple. The California case is predicated on claims made by Ripple CEO Brad Garlinghouse in 2017, and one state law claim still stands. Ripple is certain they will win this case.
In XRP Lawsuit, Ripple CEO Brad Garlinghouse and the company’s chief lawyer recently gave updates on the ongoing legal challenges that the company is facing. Ripple has been involved in high-profile legal disputes, especially with the United States Securities and Exchange Commission (SEC). These cases have drawn significant attention from the cryptocurrency industry for a while.
The XRP Lawsuit Nearing Conclusion
The long legal battle between Ripple and the SEC is almost over. This case has been a big deal for Ripple and everyone involved in cryptocurrency. However, it is not the only legal challenge Ripple faces.
Ripple’s Legal Woes in California
Besides the XRP Lawsuit SEC’s case, Ripple CEO Brad Garlinghouse is also involved in a civil lawsuit in California. This lawsuit is based on statements he made in 2017 and involves a securities claim. Recently, the judge dismissed the allegation that Ripple violated federal securities law. Ripple’s chief legal officer pointed out that the California judge dismissed all claims of federal securities law violations. Importantly, the New York ruling that XRP is not a security remains unchanged.
Remaining State Law Claim
Despite the dismissal of federal allegations, one state law claim based on a 2017 statement is proceeding to trial. The applicant, who neither bought XRP directly from Ripple nor can confirm if he heard the statement before trading, claims to have lost a few hundred dollars. Ripple’s legal team is eager to question the plaintiff about this issue during the trial.
A Significant Win for Ripple
CEO Brad Garlinghouse highlighted recent positive legal developments, saying all class action claims in the XRP lawsuit were dismissed, which is a major victory. He also expressed confidence in his past statements and looked forward to discussing them further during the trial.
Conclusion
A recent court ruling threw out a big legal claim against them. This means they have one less legal hurdle to jump over. There’s still a small court case left, but this win lets Ripple focus on getting everything settled so they can keep working with cryptocurrency. The upcoming trial might help clear things up entirely.
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