Ripple CEO Challenges Court Ruling, Reaffirms XRP Is Not a Security

June 22, 2024 at 12:10 PM GST updated: June 22, 2024 at 12:11 PM 2 mins read News

Brad Garlinghouse asserts that XRP remains a non-security, despite a recent court ruling.
Judge Phyllis Hamilton allowed “misleading statements” charges against Garlinghouse but dismissed four class action claims.
XRP maintains bullish momentum amid the legal drama.

Ripple CEO Brad Garlinghouse has once again stepped into the spotlight by shedding light on Judge Phyllis Hamilton’s recent ruling regarding XRP’s status. According to the post below, Garlinghouse remains steadfast in his assertion that XRP is not a security.

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As many have noticed – and some have already pointed out – there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them – I…
— Brad Garlinghouse (@bgarlinghouse) June 21, 2024

The courtroom drama unfolded when Judge Hamilton allowed the charge of “misleading statements” against Garlinghouse to proceed. However, the ruling also dismissed four class action claims against him, which the CEO hailed as a “big win.”

The crux of the matter lies in whether XRP qualifies as a security or not. Judge Hamilton’s reservations stem from a previous ruling by Judge Analisa Torres, who declared that XRP is not a security.

Judge Hamilton Vs. Ripple CEO

In her recent judgment, Hamilton emphasized that a reasonable investor would not necessarily expect profit solely from general cryptocurrency market trends. Instead, she acknowledged Ripple’s efforts to facilitate XRP’s use in cross -border payments and other applications.

Garlinghouse noted that they won big time – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.”

The lawsuit had accused Garlinghouse of promoting XRP while selling millions of tokens on various crypto exchanges throughout the year. His response? Unwavering: “Regarding any ‘misleading statements,’ I stand by what I said and am looking forward to shedding light on that during the trial.”

Ripple’s CEO stands firm, reasserting XRP’s non-security status. Meanwhile, XRP maintains strong bullish momentum amid this legal drama.