Federal Judge Advances Securities Lawsuit Against Ripple Labs, Rejects Summary Judgment Bid

A U.S. federal court judge has advanced a civil securities lawsuit against Ripple Labs, rejecting its bid for summary judgment. This lawsuit claims that Ripple’s CEO violated California securities laws. On June 20, Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California ruled that a jury will decide if Ripple CEO Brad Garlinghouse made “misleading statements” during a 2017 interview. The judge dismissed four allegations regarding Ripple’s “failure to register XRP as a security.” In the 2017 interview on Canada’s BNN Bloomberg, Garlinghouse stated he was “very, very long” on XRP. However, the lawsuit alleges