Ripple Faces Key Motion Hearing in Zakinov v Ripple Labs Case
Ripple is preparing for a significant motion hearing in the Zakinov v Ripple Labs case, scheduled for January 11. This lawsuit, filed by XRP holders in May 2018, accuses Ripple of misleading information and illegal sales of XRP as an unregistered security. The hearing, to be held via Zoom webinar before Judge Phyllis J. Hamilton, aims to approve the class notice.
The trial, which has faced several delays, is now expected to begin on April 15, 2024.
Ripple’s Ongoing Legal Battle with the US SEC
Ripple’s legal conflict with the United States Securities and Exchange Commission (SEC) is another major case that has garnered significant attention. The SEC accused Ripple of conducting unregistered XRP security offerings in December 2020.
In July 2023, Ripple achieved a major victory when a US Federal Judge ruled that secondary XRP sales did not constitute investment contracts. Subsequently, Ripple’s CEO and Executive Chairman were cleared of all accusations brought by the SEC.
The grand trial between Ripple and the SEC is scheduled for April 23, 2024. Both parties are required to follow necessary procedures before appearing in court.
Hot Take: Ripple Faces Dual Legal Challenges
Ripple finds itself entangled in two significant legal battles – one with XRP holders and another with the US SEC. The Zakinov v Ripple Labs case accuses the company of misleading information and illegal sales, while the SEC alleges unregistered XRP security offerings.
These legal conflicts have far-reaching implications for Ripple and the cryptocurrency industry as a whole. As these cases progress, they will shape the regulatory landscape for digital assets and potentially impact the future of Ripple’s operations.
By
By
By
By