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California Judge Rejects Class Action Claims Against Ripple; XRP Individual Case Goes to Judiciary
A judge in California dismissed multiple class-action lawsuits filed against Ripple regarding the sale of XRP. These lawsuits were based on allegations that Ripple sold XRP as an unregistered security, and these allegations were made by Bradley Sostack, a former investor. However, the judge allowed Sostack's individual case to proceed to trial.
Individual Case: Misleading Representations and the Howey Test
The individual lawsuit focuses on statements Ripple CEO Brad Garlinghouse made during an interview in 2017 in which he strongly supported XRP. Sostack argues that these statements are misleading and that Garlinghouse made XRP sales in the same period. Judge Phyllis J. Hamilton stated that the outcome of the case depends on the application of the Howey test. The Howey test is a legal standard used to determine whether an asset qualifies as an investment contract. Due to the relative newness of cryptocurrency laws, the judge refrained from considering the case in a summary judgment and emphasized that these allegations should be examined in a more detailed hearing.
SEC Case and Broader Implications for Ripple
The classification of XRP has been a highly controversial issue, especially after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in late 2020. Accusations that Ripple is selling XRP as an unregistered security have caused widespread debate and concern in the crypto community. Last year, a landmark decision by Judge Analisa Torres took a different approach than the SEC's stance, determining that open market sales of Ripple were not securities offerings. However, the judge agreed with the SEC that Ripple's direct sales to institutional investors were considered securities transactions.
Legal Implications and Investor Sentiment
Brad Garlinghouse called Judge Hamilton's latest decision a "major victory" for Ripple, stating that it reinforced the company's stance that it did not violate federal securities law. However, ongoing litigation over the state law highlights the complexities surrounding cryptocurrency regulations. Industry analysts suggest that the outcome of this legal battle could shape future regulatory policies and investor sentiment on XRP and other cryptocurrencies.
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