The post XRP Security Status Heads to Jury Trial appeared on BitcoinEthereumNews.com.

Ripple Labs has tapped a procedure win regarding a Class Action lawsuit it is facing in California. The case centers around the classification of XRP as a security, a suit that may form a crucial precedence. American technology company, Ripple Labs Inc. has been granted procedural victory in its ongoing case with the US Securities and Exchange Commission (SEC). The next phase of the case will be sorted at a jury trial, where clarity on XRP’s security status will be determined. Ripple Labs’ Class Action Lawsuit Over at District Court Crypto attorney Fred Rispoli highlighted in an X post that Ripple’s Oakland class action lawsuit has been dismissed at the US District Court for the Northern District of California. Judge Phyllis Hamilton granted Ripple’s motion for summary judgment on all federal class action claims alleging unregistered securities. This judgment also extends to state law claims, effectively dismissing them from the case. Win for @Ripple in the Oakland class action. Judge grants Ripple’s summary judgment motion on federal class claims for unregistered securities as well as the state law securities claims. But these were procedural wins. 1/4 #xrpholders #xrp — Fred Rispoli (@freddyriz) June 20, 2024 While this appears to be a major win for Ripple, it is important to understand the distinction between a procedural and substantive victory. The judge essentially ruled that the way the class action lawsuit was structured was not suitable for these specific claims. This does not necessarily mean Ripple is off the hook entirely. The core question of XRP’s classification as a security remains unanswered.  However, the judge did allow one individual claim to proceed to trial. This claim, brought by a single plaintiff, hinges on whether XRP qualifies as a security under the Howey Test. This three-pronged test determines if an investment contract exists.…

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Filed under: News - @ June 21, 2024 10:20 pm