2024

Moon

Status

Stuart Alderoty, Chief Legal Officer at Ripple, has recently explained the legal situation of XRP in California, addressing concerns that came up after a recent court decision.&nbsp;
As recently reported on Thursday, a California judge recently dismissed several claims in the Oakland class-action lawsuit against Ripple, but Alderoty wants the XRP community to understand what this means.&nbsp;
In a tweet, he pointed out that the judge threw out all claims that Ripple broke federal securities laws. However, the only issue left is about a statement made in 2017, which will be looked at in a trial under California state law.
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 To be clear – the CA judge dismissed all allegations suggesting that Ripple violated federal securities law. The NY ruling that XRP is not a security stands undisturbed. 1/2 <a href="https://t.co/iY0EYZOjzC" target="_blank" rel="noopener noreferrer nofollow">https://t.co/iY0EYZOjzC</a>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1804144278945567231?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 21, 2024</a>
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“One state law claim, based on a 2017 statement, is going to trial. The plaintiff, who didn’t buy directly from Ripple and can’t say if he even heard the statement before he traded — allegedly lost a couple hundred $. We look forward to that cross-examination.“Alderoty tweeted
According to him, the case in California is different from an earlier ruling in New York by Judge Analisa Torres, who determined that secondary sales of XRP were not securities, which was a decision that initially seemed to favor Ripple.
This clarification has been appreciated within the XRP community. However, the outcome of the legal process could affect not just XRP, but also how other digital currencies are viewed legally. For now, XRP is not considered a security in New York, but its status in California is still being debated in court.
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 Thank you for the clarification! <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$XRP</a> holders have been uncertain as to the implications of the legal status of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$XRP</a> since this news broke yesterday. Much appreciated 👍🏻— Moon Lambo (@MoonLamboio) <a href="https://twitter.com/MoonLamboio/status/1804202305488633975?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 21, 2024</a>
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 Also Read: <a href="https://www.cryptotimes.io/2024/06/21/california-judge-dismisses-federal-claims-in-ripple-lawsuit/" rel="noopener noreferrer nofollow">California Judge Dismisses Federal Claims in Ripple Lawsuit</a>
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Ripple CLO Clears the Air about XRP’s Legal Status in California

The Crypto Times

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