Coin Edition -
- Ripple CEO Brad Garlinghouse shares an X post, shedding light on Judge Phyllis Hamilton’s recent ruling.
- Garlinghouse asserts that the judge’s ruling hasn’t changed the fact that XRP is not a security.
- In his recent post, the CEO reiterates his optimistic approach to the status of Ripple’s XRP.
Ripple CEO Brad Garlinghouse countered the most recent court ruling which questioned XRP’s status as a non-security, reaffirming his stance and clarifying the implications for the ongoing lawsuit.
As many have noticed – and some have already pointed out – there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them – I…— Brad Garlinghouse (@bgarlinghouse) June 21, 2024
In a recent development in the Ripple lawsuit, Judge Hamilton allowed the charge of “misleading statements” against Garlinghouse to proceed. However, Garlinghouse hailed the ruling as a “big win,” as the judge dismissed four class action claims against him.
The judge, during the judgment, had expressed reservations about Judge Analisa Torres’ previous ruling that XRP is not a security. Judge Hamilton stated, “The court declines to find as a matter of law that a reasonable investor would have derived any expectation of profit from general cryptocurrency market trends, as opposed to Ripple’s efforts to facilitate XRP’s use in cross-border payments, among other things.”
While the ruling sparked debate in the community, with “numerous misleading and some factually inaccurate headlines,” Garlinghouse stated:
“To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.”
The previous day’s ruling had charged the Ripple CEO with promoting XRP as “very, very long” while selling “millions of XRP on various crypto exchanges” throughout the year. Garlinghouse reiterated his stance, stating, “Regarding any ‘misleading statements,’ I stand by what I said and am looking forward to shedding light on that during the trial.”
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