Ripple Seeks Final Ruling in SEC Lawsuit While Expanding Custody Services

Ripple sought final judgment on state law claims notwithstanding pending litigation.

The protracted legal struggle between Ripple [XRP] Labs and the United States Securities and Exchange Commission (SEC) shows no signs of ending.

Ripple Advances in SEC Battle with Bold Move

In the “In re Ripple Labs Inc. Litigation,” defendants such as CEO Brad Garlinghouse, Ripple Labs, and XRP II LLC requested a final judgment. The plaintiffs have filed class action claims.

Furthermore, they are requesting a stay on individual state law claims awaiting the resolution of the larger action.

Judge Phyllis Hamilton approved the joint move for final judgment and stay in the continuing XRP litigation. Additionally, she instructed them to consider voluntary dismissal as a means to resolve the remaining individual claim without prejudice.

This lawsuit may be re-filed when class-action appeals against Ripple, CEO Brad Garlinghouse, and XRP II LLC have been resolved.

The court ordered the parties to file an amended proposed order if they agree to the alternative resolution, or a notice if they disagree, by November 4, 2024.

https://twitter.com/RuleXRP/status/1851659314370314450

Lead Plaintiff Makes Final Plea in Ripple Case

Bradley Sostack, Ripple Labs, XRP II, and CEO Brad Garlinghouse filed for final judgment on class action claims. They also asked for a stay on state law procedures until the allegations were settled.

Following a failed settlement conference, individual plaintiffs want to challenge the court’s summary ruling. This verdict applies to all XRP purchases made during the last six years. A separate claim was filed based on one buyer’s purchase in January 2018.

As a result, a pretrial conference is scheduled on December 19, 2024, followed by jury selection and trial on January 21, 2025.

Meanwhile, the Ripple vs. SEC action is moving forward in the United States Second Circuit Court of Appeals, with the SEC reiterating accusations against Garlinghouse and Chris Larsen.

In response, the executives recruited well-known lawyers to deny the charges.

The SEC has also set a deadline of January 15, 2025, for its major brief on the appeals. This meant that the legal dispute is continued.

https://twitter.com/gary__meme/status/1850529129663430879

Ripple Releases Guide to Tap $20T Custody Marke

Ripple’s new “Digital Asset Custody: Quick Guide for Banks” lays out a strategy for evaluating institutional-grade custody infrastructure to stimulate growth and generate new revenue streams.

https://twitter.com/Ripple/status/1851368665851056523

Custody is a young but fast growing segment of the digital asset industry. Custodians play an essential role in the cryptocurrency sector by assisting clients in securing private keys, which are the alphanumeric codes required to get access to digital assets and facilitate transactions.

Custody continues to be one of Ripple’s fastest-growing areas, with customer growth of more than 250% year on year this year and operations in over 20 countries.
Ripple expands its custodial services.

In October, Ripple considerably expanded its crypto custody business. It added additional services to help banks and financial technology firms store digital assets on behalf of their clients. Earlier in October, Ripple unveiled additional capabilities to assist its banking and fintech clients in managing and storing digital tokens as part of a bigger push into custody, the latest venture for Ripple under its Ripple Custody subsidiary, which was formed last year.

These improvements include predefined operational and policy settings, XRP Ledger (XRPL) connectivity, risk monitoring for anti-money laundering compliance, and a new user interface.