- The lawsuit consisted of unregistered offers and sales of securities, liabilities of Ripple as well as the CEO as control person, and violating the securities laws of California.
- The court has stamped the decision in favor of the accused Ripple Labs, XRP II LLC, and, Brad Garlinghouse.
- The Securities and Exchange Commission of the United States has so far made akin charges in the SEC Vs. Ripple Labs case.
The recent judgment in the In re Ripple Labs Inc Litigation has been passed in which the judgment is in favor of the suspect Ripple Labs, XRP II LLC, and its chief executive officer, Brad Garlinghouse. The decision came in line with the joint request by the parties involved in the case to move forward for the final judgment.
In the recent lawsuit in the case, Judge Phyllis Hamilton, the district judge for the Northern District of California has permitted the joint motion for setting foot in final judgment and to stay. The court has stamped the decision in favor of the accused Ripple Labs, XRP II LLC, and the chief executive officer, Brad Garlinghouse.
The violation of the Securities laws
The lawsuit has mainly consisted of unregistered offers and sales of securities, liabilities of Ripple as well as the CEO as control person, and violating the securities laws of California. In October 2024, Ripple made a request in front of the court to make a final decision on plaintiff class action claims and a stay on individual state law claims till settlement.
At the same time, the court demanded that both parties take account of an alternative settlement to the continuing quarrel of an individual claim. The court also mentioned that January 21, 2025, will be the trial date and has dropped the pretrial dates of the attendant.
The court will decide and give new pretrial dates after the settlement of any or all appeals of the class claims.
Similar charges by the SEC
The Securities and Exchange Commission of the United States has so far made akin charges in the SEC Vs. Ripple Labs case. The debate was already ignited but now it has picked up momentum for dismissing the XRP lawsuit as Donald Trump, the newly elected president has guaranteed to give more crypto regulatory clarity.
Adding more to this, Trump has also promised to show the door to the Chairman of SEC, Gary Gensler. The chairman was also asked to leave his position by the president of the American Securities Association, Chris Iacovella.
The chief technology officer of Ripple, David Schwartz has commented that the lawsuit will probably get dispersed. The lawyer, Fred Rispoli has also mentioned that the SEC Vs. Ripple cases can be pulled or settled at any time.
