Big Win for Ripple (XRP)? CEO clarifies recent California demand issues

The ongoing legal disputes that Ripple is having with the United States Securities and Exchange Commission have been on the forefront of the cryptocurrency industry for quite some time.

The case is currently in its final stages, but it is not the only one facing the company.

Ripple’s legal troubles in California

In addition to the case against the SEC, Ripple CEO Brad Garlinghouse is also involved in a civil lawsuit over a securities claim based on statements he made in early 2017.

The statements in question are:

“I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet. . . . (I’m not) long some of the other (digital) assets, because it’s not clear to me what the real utility is, what the problem is are really solving a problem, if it’s a problem at scale, then I think you’ve been very fortunate to continue to do so, obviously, for a long time , there is an expression in the industry HODL, it’s HODL .

The judge in the case dismissed accusations that Ripple violated federal securities law, with the company’s legal efforts headed by it. writing down:

The CA judge dismissed all allegations suggesting that Ripple violated federal securities law. New York’s decision that XRP is not a security is not disturbed.

A state law claim, based on a 2017 statement, will go to trial. The plaintiff, who did not buy directly from Ripple and cannot say whether he even heard the statement before trading, allegedly lost a couple of hundred dollars. We look forward to this interrogation.

Big win for Ripple?

In essence, only a portion of the claims made in advance were allowed to proceed with the trial, with chief executive Brad Garlinghouse saying:

To be absolutely clear, this is a huge win: all of the class action claims in the lawsuit were DISCOUNTED…

He also said he stands by what he said and is looking forward to “clarifying it during the trial.”

As many have noticed, and some have already pointed out, there have been numerous misleading headlines and some inaccurate facts describing the decision made yesterday by a California judge in the XRP class action lawsuit. (I’m glad to see some correct them, I…

— Brad Garlinghouse (@bgarlinghouse) June 21, 2024

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