$XRP Legal Status in California: Still Unclear
As of June 24, 2024, XRP's status as a security in California remains uncertain, with conflicting legal decisions:
Zakinov's case:
Rejection of Securities Claims: Judge Phyllis Hamilton dismissed claims in Zakinov's lawsuit accusing Ripple of violating California securities laws by selling XRP.
Misleading Statements: A lawsuit regarding misleading statements by Ripple CEO Brad Garlinghouse regarding XRP is still ongoing.
Other Court Rulings:
New York: Judge Analisa Torres ruled that Ripple's sale of XRP to institutional investors violated US securities laws.
SEC Decision: The SEC has not yet determined whether it will appeal the XRP Programmed Sales ruling in Ripple's favor.
Implications:
Regulatory Uncertainty: The future of XRP in California remains uncertain, depending on the outcome of ongoing lawsuits and potential SEC appeals.
Market Impact: This legal uncertainty could negatively impact the price of XRP.
