The blockchain and crypto industry has been eagerly watching the lawsuits against Ripple, claiming the company and its executives sold unregistered securities (XRP) and committed fraud. In a recent development, Ripple and its executives have been cleared of any fraud allegations, excluding a statement made by Ripple’s CEO, Brad Garlinghouse, regarding his XRP holdings.
Less than a month after moving the Simmons v Ripple Labs lawsuit from New York to California, the case has been consolidated with the on-going Zakinov v Ripple Labs lawsuit in California. At the same time, the honorable Judge Phyllis J. Hamilton has taken Ripple’s motion to dismiss the fraud allegations under submission.
Ripple has replied once again to the plaintiff’s fraud allegations in the Zakinov v. Ripple Labs case. Ripple claims that the plaintiff has had two bites at the apple and takes a third, yet he still fails to show why the statements on which his Fraud Claims depend are false.
Simmons v. Ripple Labs, one of the two cases currently open against Ripple claiming the company has violated the securities law, has been moved from New York to California.
YouTube, the popular online video-sharing platform has filed a motion to dismiss the lawsuit filed by Ripple against it, holding it accountable for crypto scams posted on its platform.
Τhe California Blockchain Working Group suggested that a definition and separate regulation of digital assets based on their function could bring regulatory clarity to blockchain and digital assets.
Bradley Sostack, the Lead Plaintiff in the Zakinov v. Ripple Labs, Inc. case, has replied to Ripple’s motion to dismiss fraud allegations.
On June 8th, Ripple filed a motion to dismiss three of the seven claims. Specifically, Ripple moved to dismiss claims four, six, and seven, in connection to the fraud allegations