Ripple Secures New Victory in XRP Lawsuit Against SEC

2 weeks ago 5

Ripple, the San Francisco-based blockchain firm known for its XRP-powered cross-border payment services, has won a major legal battle against the U.S. Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020 over $1.2 billion worth of alleged unregistered security sales of XRP.

In the latest development, a U.S. court ruled in favour of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. Judge Phyllis Hamilton granted Ripple’s motion for a final judgement on certain class claims, narrowing the scope of the case and scheduling a trial for January 2025. This is a significant win for Ripple in its prolonged legal battle over securities sales.

2/2) Judge Phyllis Hamilton approved Ripple's motion for a final judgment on certain class claims, narrowing the case and setting it up for trial in January 2025. This is a significant win for Ripple in its battle over unregistered securities sales.

— Bitcoinik (@Bitcoinikdotcom) November 14, 2024

Cardano Founder Praises Ripple CEO

Recently, Charles Hoskinson, the founder of Cardano, praised Ripple CEO Brad Garlinghouse, calling him a great CEO after a friendly and collaborative conversation.

I just spoke with @bgarlinghouse. He's a great CEO and extremely collaborative, and I'm excited to see how the future unfolds.

— Charles Hoskinson (@IOHK_Charles) November 12, 2024

Garlinghouse responded by thanking Hoskinson, emphasizing the need for the crypto community to work together for a better future.

Thanks for the kind words @IOHK_Charles — now is the time for the crypto community to come together, push for a level playing field and clear rules of the road.

A rising tide lifts all boats. https://t.co/vOzXaS6mVP

— Brad Garlinghouse (@bgarlinghouse) November 12, 2024

Ripple in the Stablecoin Sector

This year, Ripple entered the stablecoin business with the launch of its RLUSD stablecoin, currently available on the Ethereum blockchain. However, it’s not yet publicly issued, as Ripple is awaiting regulatory approval.

Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…

— Ripple (@Ripple) August 9, 2024