Ripple CEO Brad Garlinghouse has addressed the misconceptions and misleading headlines surrounding a recent California court ruling in a class action about XRP. He clarified that the court’s decision was actually a big win for XRP and Ripple. Judge Phyllis Hamilton dismissed all the class action claims in the lawsuit, emphasizing that XRP is not a security, as determined by a New York District Court last year. Garlinghouse also stated that Judge Hamilton dismissed all allegations that Ripple violated securities laws through its offers and sales of XRP.
In regards to the state law claim scheduled for trial, Garlinghouse mentioned that the sole plaintiff in the case did not purchase XRP directly from Ripple. He also addressed the alleged “misleading statement” he was accused of issuing in 2017, stating that he stands by it and will address it in the upcoming trial. This statement refers to a comment Garlinghouse made in a televised interview about the sale of XRP.
Ripple’s Chief Legal Officer, Stuart Alderoty, further clarified that Judge Analisa Torres’ ruling affirming that XRP is not a security still stands undisturbed. He confirmed that Judge Hamilton dismissed all allegations of Ripple’s securities law violation, leaving only one state law claim regarding Garlinghouse’s 2017 statement, which will be decided by a jury soon.
Please note that the information provided in this article is for informational purposes only and should not be considered financial advice. It’s always recommended to conduct thorough research before making any investment decisions.