YEREVAN (CoinChapter.com) — In the ongoing Ripple litigation, the U.S. District Court for the Northern District of California has suggested an alternative resolution. Judge Phyllis J. Hamilton issued an order directing Ripple Labs, CEO Brad Garlinghouse, and related parties to consider a “voluntary dismissal without prejudice” for the remaining individual claims. This option allows the claims to be refiled after the appeal on the class action claims concludes.
The defendants, including Ripple Labs, XRP II LLC, and Garlinghouse, had previously requested a final judgment and a stay on specific individual state law claims. If the parties agree to the proposed alternative resolution, they must file an amended order by Nov. 4, 2024. Should they disagree, they need to file a notice by the same date, indicating their choice to proceed with the current litigation path.
Key Dates and Legal Deadlines in Ripple Litigation
The court’s order adds a new timeline for Ripple and co-defendants. By Nov. 4, they must confirm whether they accept the court’s alternative resolution. Following this deadline, additional court dates are already set, with a pretrial conference on Dec. 19, 2024, and jury selection and trial beginning on Jan. 21, 2025.
These dates are pivotal as Ripple faces legal scrutiny over XRP’s classification. Choosing the alternative resolution might streamline some of the legal processes, allowing the parties to address individual claims after resolving class action issues.
Ripple vs SEC Appeal Advances to Second Circuit
In a separate but related case, Ripple’s ongoing appeal against the U.S. Securities and Exchange Commission (SEC) is now moving forward in the U.S. Court of Appeals for the Second Circuit. Both Ripple and the SEC have filed required documents in preparation for the appeal. The SEC has requested that Jan.15, 2025, serve as the deadline for its principal brief.
The SEC is also seeking to reinstate specific securities law charges against Ripple executives Garlinghouse and Chris Larsen. Ripple, in response, has enlisted additional legal support to aid in the dismissal of these charges. This appeal could impact XRP’s regulatory classification and Ripple’s business practices.
XRP Price Remains Stable Despite Legal Uncertainty
XRP has shown relative price stability, trading near $0.52, even as Ripple’s legal battles continue. Despite a 17% decline over the past month, XRP has remained resilient, reflecting ongoing market support for the token. Significant trading activity has been observed in XRP derivatives, indicating that investors remain engaged despite the unresolved legal challenges.
Open interest in XRP derivatives is also rising, suggesting strong speculative interest. The heightened trading volume in derivatives signals that the market is actively monitoring the case developments. However, the market remains cautious, with price movements closely tied to updates in Ripple’s legal situation.
Ripple Labs and its executives face an important decision in the coming days. Accepting the court’s proposed alternative resolution could allow Ripple to concentrate on the class action claims, potentially simplifying some aspects of the case. If Ripple chooses not to accept the court’s suggestion, both individual and class action claims will proceed, extending the legal process.
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