Important Update on ripple (XRP) Case
TL;DR
- Ripple will attend a landmark motion hearing for the Zakinov v Ripple Labs case later this month.
- The lawsuit filed against Ripple by XRP holders in May 2018 alleges misleading information and illegal sales of XRP as unregistered securities.
- Additionally, Ripple’s well-known legal dispute with the US SEC, which began in December 2020 over unregistered XRP security offerings, is highlighted by a major hearing scheduled for April 23, 2024.
Zakinov v Ripple Labs case approaches major breakthrough with motion hearing planned For January 11th. The hearing will be held via a Zoom webinar before Judge Phyllis J. Hamilton and is intended to confirm the form and manner of class notice. Members of the public or media may access the hearing via a designated online link.
The case began in May 2018, when a group of XRP holders sued the crypto company for allegedly providing misleading information and violating certain laws by selling XRP as an unregistered security. Plaintiff Vladi Zakinov (hence the name of the case) claims that he and many others were among the victims.
The trial has been postponed multiple times over the past few years and is expected to begin on April 15, 2024.
Ripple’s Famous Battle with the US SEC
The case between Ripple and the United States Securities and Exchange Commission (SEC) is probably the company’s most popular court battle and one of the most trending topics in the cryptocurrency industry, and shares similarities with the above. It all started in December 2020, when the regulator accused Ripple of selling XRP in an unregistered securities offering.
Ripple scores huge victory in July 2023 after US Federal Judge Analisa Torres reigned He said secondary XRP sales do not constitute an investment contract offer.
The firm scored two more partial victories in the following months, when American judges refused to allow the SEC to appeal the initial ruling and Ripple CEO Brad Garlinghouse and Chief Executive Chris Larsen were dismissed. cleaned Of all the charges brought by the agency.
big trial to arrange with both parties for April 23, 2024 necessary Complying with necessary procedures before meeting in court. The SEC must submit its summary of remedies by March 13, 2024, while Ripple must file its objection by April 12, 2024.
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