Ripple's Legal Battle Heats Up
A US federal court judge has allowed a civil securities lawsuit against Ripple Labs to proceed, focusing on CEO Brad Garlinghouse's 2017 comments about XRP.
The case centers around allegations that Garlinghouse made "misleading statements" about XRP's status, claiming he was long on the asset while secretly selling millions of XRP on exchanges.
Judge Phyllis Hamilton has ruled that XRP could potentially be classified as a security when sold to individual investors, not institutional ones. This decision challenges XRP's status for non-institutional investors and raises questions about the motivations of reasonable cryptocurrency investors.
Stay tuned for more updates on this developing story!
