As a seasoned crypto investor with a keen interest in the industry’s latest developments, I have been closely following Ripple’s legal battles with both the Securities and Exchange Commission (SEC) and in California. The ongoing disputes have certainly caused ripples (pun intended) within the cryptocurrency market.
The prolonged legal conflicts between Ripple and the US Securities and Exchange Commission have dominated discussions in the cryptocurrency sector for some time.
The case is currently in its last stage, but it’s not the only one that the company has to face.
Ripple’s Legal Woes in California
As a researcher examining the ongoing legal issues surrounding Ripple and the Securities and Exchange Commission (SEC), it’s important to note an additional point: Brad Garlinghouse, Ripple’s CEO, is also facing a civil lawsuit involving securities allegations based on remarks he made in early 2017.
The statements in question are:
“I heavily invest in Ripple (XRP), making up a significant portion of my personal investment portfolio. Unlike some other digital assets, I’m not as heavily invested because I’m uncertain about their utility and the problems they aim to solve. If an asset offers a genuine solution to a large-scale issue, then it holds great potential for further growth. My stance on Ripple remains confident; I continue to hold a substantial amount, following the popular term in crypto circles called ‘HODL’ instead of just holding.”
As a researcher studying this case, I’ve come across claims suggesting Ripple may have breached federal securities laws. However, the judge presiding over the case has dismissed these allegations. The head of Ripple’s legal team has made it clear that they dispute these accusations.
A California judge has rejected all claims that Ripple broke federal securities laws. The previous ruling in New York, which classifies XRP as a non-security, remains unchanged.
As a crypto investor following the ongoing legal proceedings, I’m eagerly anticipating the trial of a case involving a state law claim based on a 2017 statement from Ripple. Though I didn’t purchase XRP directly from Ripple or even recall hearing the statement before making my trades, I’m excited to witness the cross-examination of the plaintiff and gain further insights into this complex situation.
Big Win for Ripple?
To put it simply, not all the arguments presented during the pre-trial stage were permitted in the actual court proceedings. According to CEO Brad Garlinghouse, some parts had to be set aside.
To be absolutely clear, this is a big win – all class action claims in the suit were DISMISEED…
I affirm my previous statements and am eager to clarify them further during the upcoming trial.
I’ve observed an influx of misleading and inaccurate headlines regarding the recent ruling in the XRP class action lawsuit by a California judge. I appreciate those who have taken the initiative to rectify these errors. (I myself am dedicated to ensuring accurate information is disseminated.)
— Brad Garlinghouse (@bgarlinghouse) June 21, 2024
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2024-06-22 13:24