Ripple class action lawsuit moves to final judgement as XRP pumps
Some class action claims in a lawsuit involving Ripple and its CEO Brad Garlinghouse are advancing toward a final decision, representing a significant victory for the cryptocurrency company. This development could potentially aid its current case against the Securities and Exchange Commission (SEC).
On Thursday, Judge Phyllis Hamilton approved a motion for final judgment on the settled class claims and has instructed that the unresolved claims be put on hold. This ruling has expedited the timeline of the class action lawsuit, allowing for a trial to begin on January 21, 2025.
The individuals involved in the class action lawsuit claim that Ripple distributed XRP from 2017 to 2023 without proper registration, violating both federal and California securities regulations.
The final decision in this case could have ripple effects on another lawsuit initiated by the SEC in 2020. If the ruling is in Ripple's favor, it could greatly strengthen its defense against the SEC's allegations of violating federal securities laws.
Explore further: Matt Gaetz, Donald Trump's choice for Attorney General, has questionable connections in the cryptocurrency world.
Additionally, Donald Trump's victory in the presidential election has sparked rumors that the legal case could be resolved or thrown out completely. The former reality television star and accused sexual predator has stated that he would remove SEC chair Gary Gensler upon regaining power.
Since Trump was elected president, Ripple's XRP cryptocurrency has jumped from $0.50 to $0.80. This increase in price seems to be linked to rumors that Gensler may resign, along with a lawsuit from 18 US states challenging the regulator's actions. The states argue that the regulator has gone too far in enforcing regulations against cryptocurrency companies, infringing on their own authority to regulate.
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