A crucial development has occurred in the case against Ripple 
$2 Labs and its executives. The court ruled in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. This decision was made as both parties’ requests to halt the plaintiffs’ class claims and proceed to a final judgment were granted.
Court’s Ruling and New Hearing Date
Judge Phyllis Hamilton ruled to dismiss the class action lawsuits against Ripple and its executives. The decision was made under “Rule 54(b),” indicating that a definitive ruling must be made in favor of the defendants. This ruling means a potential dismissal of the collective lawsuits targeting Ripple.
The lawsuits allege that Ripple and CEO Garlinghouse violated California securities laws by offering unregistered securities. However, the court concluded that these allegations favored Ripple.
SEC Case and Progress of Proceedings
The U.S. Securities and Exchange Commission (SEC) has filed similar charges against Ripple Labs, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen. Comments from the Trump administration regarding cryptocurrency regulations and calls for SEC Chairman Gary Gensler’s removal could impact this case’s progress.
Ripple’s CTO David Schwartz and attorney Fred Rispoli believe that the case could either be dismissed or lead to a settlement. However, according to Rispoli, the withdrawal of the lawsuit seems unrealistic.
Upcoming Hearing Date and Alternative Solutions
The court has set January 21 of next year as the new hearing date, while previous preliminary hearing dates have been canceled. If the class actions go to appeal, new dates will be established. Furthermore, the court has requested the parties to consider alternative solutions regarding individual lawsuits. This approach may contribute to a quicker and more effective resolution of the case.
With these developments, Ripple has made significant progress in its legal battle.
