Ripple CEO Celebrates Court Victory, Denounces Lawsuit as Baseless Attempt to Undermine Company
Ripple CEO Hails Latest Court Ruling as a Major Victory
Ripple CEO Brad Garlinghouse has praised a recent court ruling, calling it a significant triumph for his company. The court decision dismissed a lawsuit that Garlinghouse described as a baseless attempt to undermine Ripple’s credibility and operations, further solidifying Ripple’s position in ongoing legal battles within the cryptocurrency industry.
The lawsuit accused Ripple of violating securities laws by selling unregistered securities in the form of its XRP tokens. However, the latest court ruling sided with Ripple, reinforcing the company’s stance that XRP is not a security. Garlinghouse expressed relief and satisfaction with the outcome, emphasizing that the ruling is a major win not only for Ripple but also for the entire cryptocurrency sector, as it helps clarify the legal standing of digital assets.
Clarifying the Legal Landscape
Taking to social media platform X, Garlinghouse addressed the ruling by U.S. District Judge Phyllis J. Hamilton of the Northern District of California. The judge granted Ripple summary judgment on federal and state class claims but denied it on an individual claim under California law. This mixed ruling has caused some confusion regarding its implications for XRP.
Garlinghouse clarified, “To be absolutely clear, this is a big win. Nothing in the decision changes the fact that XRP is not a security, as affirmed by the New York court decision.” He emphasized that the ruling dismissed all class action claims alleging Ripple violated federal securities laws by selling XRP.
Read More: https://onthenode.com/news/ripple-ceo-celebrates-court-victory-denounces-lawsuit-as-baseless-attempt-to-undermine-company
Ripple CEO Hails Latest Court Ruling as a Major Victory
Ripple CEO Brad Garlinghouse has praised a recent court ruling, calling it a significant triumph for his company. The court decision dismissed a lawsuit that Garlinghouse described as a baseless attempt to undermine Ripple’s credibility and operations, further solidifying Ripple’s position in ongoing legal battles within the cryptocurrency industry.
The lawsuit accused Ripple of violating securities laws by selling unregistered securities in the form of its XRP tokens. However, the latest court ruling sided with Ripple, reinforcing the company’s stance that XRP is not a security. Garlinghouse expressed relief and satisfaction with the outcome, emphasizing that the ruling is a major win not only for Ripple but also for the entire cryptocurrency sector, as it helps clarify the legal standing of digital assets.
Clarifying the Legal Landscape
Taking to social media platform X, Garlinghouse addressed the ruling by U.S. District Judge Phyllis J. Hamilton of the Northern District of California. The judge granted Ripple summary judgment on federal and state class claims but denied it on an individual claim under California law. This mixed ruling has caused some confusion regarding its implications for XRP.
Garlinghouse clarified, “To be absolutely clear, this is a big win. Nothing in the decision changes the fact that XRP is not a security, as affirmed by the New York court decision.” He emphasized that the ruling dismissed all class action claims alleging Ripple violated federal securities laws by selling XRP.
Read More: https://onthenode.com/news/ripple-ceo-celebrates-court-victory-denounces-lawsuit-as-baseless-attempt-to-undermine-company
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