The ongoing legal conflict between Ripple [XRP] Labs and the U.S. Securities and Exchange Commission (SEC) continues without any indication of a resolution.
Ripple Initiates Another Courageous Step
In the case of “In re Ripple Labs Inc. Litigation,” defendants, including CEO Brad Garlinghouse, Ripple Labs, and XRP II LLC, have formally requested a conclusive judgment amidst class action assertions made by the plaintiffs.
Moreover, they are seeking to halt individual state law contentions until the broader litigation is resolved.
Judge Phyllis Hamilton has approved the joint motion for a final judgment and halt in the ongoing XRP litigation.
She has instructed the involved parties to explore the possibility of voluntarily withdrawing the remaining individual claim without prejudice.
This specific claim could potentially be re-submitted following the resolution of appeals connected to class action allegations against Ripple, CEO Brad Garlinghouse, and XRP II LLC.
As anticipated, the court formally concluded the proceedings with an order that read,
“Should the parties be in agreement with this alternative resolution, the court requests the submission of an amended proposed order by November 4, 2024 – if not, a respective notice is to be filed.”
The Principal Plaintiff’s Final Appeal
Bradley Sostack, the lead plaintiff representing Ripple Labs, XRP II, and CEO Brad Garlinghouse, has made a formal request for a conclusive judgment concerning the class action assertions.
They have additionally requested a suspension of state law procedures until a resolution is reached on the aforementioned claims.
Following an unsuccessful attempt at settlement discussions, individual plaintiffs are planning to challenge the court’s summary verdict encompassing all XRP acquisitions over a span of six years.
An additional lawsuit was initiated focusing on the acquisition of a single buyer in January 2018.
Consequently, a pretrial conference is scheduled for December 19, 2024, with jury selection and the trial set for January 21, 2025.
Simultaneously, the legal confrontation between Ripple and the SEC is evolving in the U.S. Second Circuit Court of Appeals, with the SEC reaffirming allegations against Garlinghouse and Chris Larsen.
In response, these executives have enlisted reputable attorneys to dispute the allegations presented.
The SEC has stipulated a deadline of January 15, 2025, for their primary written argument concerning the appeals, signifying the prolonged nature of the legal strife.
Effects on XRP
Predictably, the recent developments have impacted the price of XRP, transitioning from a positive momentum to a negative outlook.
At the time of reporting, the altcoin was trading at $0.52, following a 0.98% decrease in value over the prior 24 hours.
Despite this downturn, sentiment among supporters of XRP remains steadfast.
Ripple CEO Brad Garlinghouse, in particular, has expressed his optimism regarding the future of XRP and its Exchange-Traded Fund (ETF), conveying a confident perspective amidst the persisting market fluctuations.
He notably articulated his belief by stating that Ripple stands firmly on,
“The correct side of the law… the correct side of history.”