XRP Revolutionary Victory Ripple CEO Takes Action Against California Court Ruling

Ripple CEO Brad Garlinghouse addresses misunderstandings and misleading headlines surrounding a California judge’s class-action ruling regarding XRP.

According to Garlinghouse, some crypto media outlets have been reporting inaccurately and factually incorrectly on the California court’s decision.

A big win for XRP and Ripple

In response to this misconception, Ripple CEO described the court’s decision as a major victory for XRP and the company, noting that the ruling judge, Ms. Phyllis Hamilton, dismissed all class action claims in the lawsuit.

He stressed that the recent ruling does not change the fact that XRP itself is not a security, a fact that was determined by a New York district court last year. Additionally, Garlinghouse clarified that Judge Hamilton dismissed all allegations that Ripple violated securities laws through its offers and sales of XRP.

Regarding the state law claim scheduled for trial, he said the sole plaintiff in the case did not purchase XRP directly from Ripple.

Garlinghouse stood his ground

Furthermore, the Ripple CEO was unable to confirm whether the plaintiff heard the alleged “misleading statements” he was accused of making in 2017 before purchasing several hundred XRP in 2017.

According to him, this situation exemplifies the U.S. legal system in which individuals attempt to distort facts in pursuit of hundreds of millions of dollars in securities class action lawsuits.

Nonetheless, the Ripple executive stressed that he stands by the so-called “misleading statements” and will explain them in the upcoming trial. It is important to note that the alleged misleading statements relate to comments Garlinghouse made regarding the sale of XRP during a 2017 television interview.

Ripple Chief Legal Officer Says XRP's Non-Securities Status Still Valid

Meanwhile, Ripple’s chief legal officer Stuart Alderoty also clarified Judge Analisa Torres’ ruling, confirming that the position that XRP itself is not a security remains “undisturbed.”

He confirmed that Judge Hamilton dismissed all allegations that Ripple violated securities laws, leaving only one state law claim related to a statement made by Garlinghouse in 2017, which will soon be decided by a jury.

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