Ripple class action lawsuit moves to final judgement as XRP pumps
Certain class action claims in a lawsuit against Ripple and its chief Brad Garlinghouse are moving to final judgement, marking a major win for the crypto firm which may help its ongoing case against the Securities and Exchange Commission (SEC).
On Thursday, Judge Phyllis Hamilton granted a move to final judgement on settled class claims and has ordered remaining unsettled claims to be paused. This decision has shortened the class action lawsuit’s timeline and has paved the way for a trial to commence on January 21, 2025.
Plaintiffs in the class action lawsuit argue that Ripple sold XRP between 2017 and 2023 without registration, and in violation of federal and California securities law.
Final judgement in this case may have knock-on effects in a similar lawsuit brought forward in 2020 by the SEC. Specifically, favorable ruling for Ripple could significantly aid its case against the SEC’s claims of federal violations of securities law.
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What’s more, Donald Trump’s presidential win has fueled speculation that the case could soon be settled or entirely dismissed. The former reality star and sexual predator has promised to fire SEC chair Gary Gensler if he returned to office.
Ripple’s token XRP has soared from $0.50 to $0.80 since Trump became president-elect. The price hike coincides with speculation that Gensler will step down, and the introduction of a lawsuit from 18 US states against the regulator, claiming that it has over-stepped in its enforcement against crypto firms and impeded the states’ regulatory authority.
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