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Kang-hoon

Thu, June 20, 2024 at 23:53

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    Kang-hoon

    • Hello, Annie.

    • Today, I have some significant news regarding Ripple.

    • A judge has dismissed several claims in the Oakland class action lawsuit against Ripple.

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  • Annie

    • Oh, really?😊 What kind of claims were dismissed?

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    Kang-hoon

    • The U.S. District Court for the Northern District of California granted Ripple's motion for summary judgment on federal class claims for unregistered securities and state law securities claims.

  • Annie

    • Wow, that sounds like a big win for Ripple!

    • But what does this mean for the status of XRP as a security?

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    Kang-hoon

    • Good question.

    • The dismissal did not address whether XRP is a security.

    • The court stated that this fundamental question is for a jury to decide.

  • Annie

    • So, the status of XRP is still uncertain.

    • What did Ripple's Chief Legal Officer say about this?

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    Kang-hoon

    • Ripple's Chief Legal Officer, Stu Alderoty, expressed satisfaction with the court's decision, stating that they are glad the California court has dismissed all the class action claims.

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  • Annie

    • That's interesting.

    • But I heard there's still an individual state law claim left.

    • Is that correct?

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    Kang-hoon

    • Yes, that's correct.

    • The only individual state law claim that remains will be addressed in the trial.

  • Annie

    • And what about the other civil securities lawsuit against Ripple's CEO, Brad Garlinghouse?

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    Kang-hoon

    • That case will also go to trial.

    • The court denied part of Ripple's motion for summary judgment on the claim that Garlinghouse sold unregistered securities in 2017.

  • Annie

    • Oh, I see.

    • What are the allegations against Garlinghouse?

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    Kang-hoon

    • The plaintiff alleges that Garlinghouse lied about being 'very, very long' on XRP while dumping millions of XRP on various exchanges.

  • Annie

    • That sounds serious.

    • What do legal experts think about this case?

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    Kang-hoon

    • Legal expert Fred Rispoli noted that the likelihood of a settlement is high, given the low damages and potential negative jury verdict for Ripple if the plaintiff wins.

  • Annie

    • So, there's a chance this might not go to trial after all.

    • What about the Howey Test?

    • Does XRP meet its criteria?

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    Kang-hoon

    • Ripple's attorneys argue that XRP does not fit the Howey Test's definition of a security.

    • However, Judge Hamilton decided that this issue should proceed to trial.

  • Annie

    • I see.

    • What are the next steps for both parties in this case?

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    Kang-hoon

    • Both parties have been ordered to reconsider their motions to seal any part of the briefs.

    • They have until July 8, 2024, to file a motion to seal some of the exhibits they have used.

  • Annie

    • That's quite a detailed process.

    • How does this ruling compare to other cases involving XRP?

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    Kang-hoon

    • Judge Hamilton's ruling differs from that of U.S. District Court Judge Analisa Torres in the Southern District of New York, who held that XRP was not a security when sold to retail investors because it did not meet all the elements of the Howey Test.

  • Annie

    • Interesting.

    • So, what do you think?

    • Is this news good or bad for Ripple and the market?

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    Kang-hoon

    • Overall, this is a positive development for Ripple.

    • The dismissal of several claims is a procedural victory, and it reduces the legal burden on the company.

    • This could lead to increased investor confidence in Ripple and potentially a positive impact on the market.

    • Upon comprehensive consideration, this news is perceived as a 😍Bullish.

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