According to Odaily, Ripple and its CEO, Brad Garlinghouse, are approaching a critical phase in certain class-action lawsuits, which could influence their ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). On Thursday, Judge Phyllis Hamilton approved a final judgment for the resolved class-action lawsuits and ordered a stay on the remaining unresolved cases. This decision accelerates the timeline for the class-action lawsuits and sets the stage for a trial beginning on January 21, 2025.
The plaintiffs in the class-action lawsuits argue that Ripple sold XRP without registration from 2017 to 2023, allegedly violating federal and California securities laws. Analysts suggest that the final judgment in this case could have a ripple effect on a similar lawsuit filed by the SEC in 2020. Specifically, a ruling in favor of Ripple could significantly bolster its defense against the SEC's allegations of violating federal securities laws.
