- Ripple sought final judgment on state law claims amid ongoing litigation.
- XRP’s price faced a dip, yet CEO Garlinghouse remains optimistic.
As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the storm and find opportunities amidst uncertainty. The ongoing legal battle between Ripple Labs and the SEC has been an interesting rollercoaster ride, to say the least.
The prolonged court dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seems to be far from being settled.
Ripple makes another bold move
In the “In re Ripple Labs Inc. Litigation,” the defendants, which include CEO Brad Garlinghouse, Ripple Labs, and XRP II LLC, are asking for a final decision. These accusations against them were brought forth as part of a class action lawsuit by the plaintiffs.
Furthermore, they are trying to postpone the resolution of state-specific cases until the larger legal battle is settled.
In the ongoing XRP lawsuit, Judge Phyllis Hamilton approved the joint request for a final verdict and suspension.
Additionally, she instructed them to investigate the possibility of dropping the case without it affecting future lawsuits, for the single remaining dispute.
The potential filing of this claim may be delayed until any outstanding appeals concerning the class actions against Ripple, its CEO Brad Garlinghouse, and XRP II LLC have been addressed and resolved.
As expected, the court ended the filling by giving an order which stated,
If both parties agree with this suggested resolution, kindly submit an updated proposed order by November 4, 2024. However, if they do not agree, please file a notification stating as such by the same date.
The lead plaintiff’s final request
Initiator Bradley Sostack, along with Ripple Labs, XRP II, and CEO Brad Garlinghouse, have asked for a final verdict on the class action allegations they’ve made. Simultaneously, they requested that ongoing legal proceedings based on state laws be postponed until these claims are addressed and settled.
Following an unsuccessful negotiation meeting, private claimants have decided to challenge the court’s ruling on the summary judgment. This decision affects all XRP acquisitions spanning a six-year period. In addition, a distinct case has been submitted, focusing solely on one particular buyer’s purchase made in January 2018.
Therefore, we’ve arranged a pre-trial meeting on the 19th of December 2024. The jury selection and trial will follow on the 21st of January 2025.
Currently, the legal battle between Ripple and the Securities and Exchange Commission (SEC) is progressing in the United States’ Second Circuit Court of Appeals. The SEC has renewed its accusations against executives Garlinghouse and Larsen.
In response, the executives have hired prominent attorneys to dismiss the claims.
By the 15th of January 2025, the SEC will submit their main argument in the appeals process, signifying that this legal disagreement is still unresolved.
Impact on XRP
Just as anticipated, the latest changes have caused XRP’s price to move away from a bullish position towards a more bearish one.
The altcoin was trading at $0.52, at press time, after a 0.98% decline in the last 24 hours.
Despite this downturn, sentiment among XRP supporters remains resilient.
Indeed, Ripple CEO Brad Garlinghouse also emphasized his optimism regarding the future of XRP and its ETF, reflecting a hopeful outlook amid ongoing market fluctuations.
He had put it best when he said that Ripple is on,
“The right side of the law…the right side of history.”
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2024-10-31 08:08