The U.S. District Court has delivered significant rulings in the Ripple Labs class action lawsuit, setting the case for a jury trial in January after recent settlement efforts fell through. Hereās whatās notable:
Key Outcomes for Plaintiffs: The court allowed expert testimonies from Jeremy Clark and Saifedean Ammous, who argue that Ripple plays a major role in the XRP ecosystem. Clark, for instance, asserts that XRP's distribution has largely benefited Ripple, a viewpoint the judge upheld despite Rippleās objections.
Ripple's Defense Weakened: The court denied Rippleās attempt to include testimony from Alan Schwartz about XRP not being an investment contract, limiting Rippleās defensive arguments. Ripple did manage a minor win with the exclusion of plaintiff expert Joel Seligman, balancing the legal field slightly.
Trial Set for January: The jury will soon hear contrasting expert perspectives on Rippleās influence over XRPās market value, with a focus on whether Rippleās actions affect XRP's price.
This January trial, alongside Ripple's separate ongoing case with the SEC, could have major implications for XRP and its classification in the crypto world.
