A court hearing has been scheduled for January 11 in the ongoing legal dispute between Ripple and a group of XRP investors. The case, led by Vladi Zakinov, accuses Ripple of selling XRP as an unregistered security. The outcome of this case could set a significant precedent for the crypto industry and potentially lead to further class actions against other crypto firms.
Judge Phyllis Hamilton’s ruling could have far-reaching implications throughout the crypto industry. The case is particularly noteworthy as it touches on issues that are also central to the legal battle between the Securities and Exchange Commission (SEC) and Ripple. The SEC will likely be closely monitoring the case, as a ruling in favor of the XRP investors could strengthen their case against Ripple.
The court hearing on January 11 will focus on the motion to approve the form and manner of class notice, setting out the legal procedures that will guide both parties throughout the case. Despite Ripple’s argument that there weren’t enough people to institute the action, the Judge has already approved the class action. If the investors win, Ripple could be forced to pay a significant amount in compensation.
However, the case has raised questions within the XRP community. Despite Judge Analisa Torres ruling that XRP wasn’t a security and that XRP programmatic sales could not be classified as investment contracts, the class action against Ripple continues. It is likely that Ripple will rely on Judge Torres’s ruling in their defense as the case progresses.
Bill Morgan, a pro-XRP legal expert, has noted that the number of XRP investors supporting Ripple, including those that formed part of the Amicus Curiae, outweighs the number of people in this class action. This fact could potentially influence Judge Hamilton’s final ruling on the case.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Crypto Eri, Phyllis Hamilton, Vladi Zakinov, Bill Morgan, Analisa Torres |
| Companies | Ripple, Securities and Exchange Commission, U Today, Tradingview.com |
| Currencies | XRP |
| Securities | None |
