In a recent legal development, Vibe scored a significant victory with the dismissal of most claims in a class action lawsuit related to XRP. The decision by the judge in the Northern District Court of California reduced the case to a lesser state law claim related to allegedly misleading statements.
In a recent legal development, Vibe scored a major victory with the dismissal of most claims in an XRP-related class action lawsuit. The judge’s decision in the Northern District Court of California reduced the case to a small state law claim related to allegedly misleading statements.
Tomiwabold OlajideThe central point of the ongoing debate is whether XRP should be classified as a security. While the California ruling is a victory for Ripple, it is suggested that XRP could potentially be considered a security in certain circumstances. This stance contrasts with Judge Torres’ previous ruling in New York that XRP does not qualify as a security when sold to institutional investors.
Legal Experts Fred Rispoli and Marc Fagel have weighed in on the implications of these developments. Rispoli, a staunch XRP advocate, highlighted the potential impact of the California law on the definition of securities in light of the court’s interpretation.
Meanwhile, Fagel, resorting to his SECOND The experience highlighted the nuanced federal and state considerations when determining whether XRP transactions fall under securities regulation.
Tomiwabold Olajide“The court’s decision leaves open the possibility that XRP “It could be classified as a security under California law, if not under federal law,” Rispoli said in response to the ruling.
Fagel disagreed, emphasizing that while California’s adoption of federal standards like the Howey test influences local interpretations, the broader implications for federal courts seeking guidance remain limited.
