Highlights
A U.S. district court judge referred Ripple case to a magistrate judge for settlement after the court granted in part and denied in part the defendants’ motion for summary judgment in the Zakinov v. Ripple lawsuit. The judge also sided with the SDNY court’s ruling that XRP sales are securities, gaining buzz in the XRP community.
District Court for the Northern District of California’s Judge Phyllis Hamilton issued an order in the class action lawsuit against defendants Ripple, XRP II, and CEO Brad Garlinghouse.
The judge granted defendants’ motion for summary judgment on the federal and state class claims. Defendants are denied summary judgment on plaintiff Sostack’s individual claim under California law, as reported by CoinGape. Moreover, Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.
In a further order by Judge Phyllis Hamilton, the Ripple case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.
Also Read: SEC vs Ripple News – “Judge Torres Was Right On XRP”, SEC May Not Appeal
Judge Hamilton sided Judge Torres’ decision has led to buzz in the XRP army about its impact on the Ripple vs SEC lawsuit stirring speculation over XRP.
Former SEC lawyer Marc Fagel said the biggest concern for Ripple is the SEC using this California case in the Second Circuit in its appeal against Judge Torres’ summary judgment on XRP. However, the court must first state whether XRP sales were security to reach the fraud issue.
Pro-XRP Bill Morgan and Fagel also added that the lawsuit may not have broader implications even if in case of adverse finding for Ripple.
XRP price fell 0.41% in the last 24 hours, with the price currently trading at $0.474. Bulls have failed to hold price over the $0.50 level, with a 24-hour low and high of $0.4711 and $0.4795, respectively. The trading volume has decreased by 18% in the last 24 hours, indicating a drop in interest among traders.
Also Read: Bitcoin Spot ETFs Suffer $140M Outflow, Marking Five-Day Decline
Polymarket founder Shayne Coplan has sparked speculation about a potential native token launch following a…
The FOMC minutes have signaled a dovish shift from the Fed officials, who look likely…
North Dakota is set to become the second U.S. state to issue a stablecoin, named…
Ethena Labs reported that it has partnered with Jupiter Exchange to develop JupUSD. This is…
BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has become the most bought exchange-traded fund…
MetaMask has officially introduced perpetuals trading on its platform, powered by Hyperliquid. Meanwhile, the crypto…