The ongoing class action lawsuit against Ripple has taken a new turn, potentially paving the way for an expedited resolution. Crypto figure Armando Pantoja revealed that the United States District Court for the Northern District of California is open to an alternative resolution. The court issued this recent order on October 28, 2024, following a joint motion for final judgment and stay, reflecting its interest in streamlining the case’s conclusion.
Judge Phyllis J. Hamilton’s order proposes that the remaining individual claim be voluntarily dismissed without prejudice. This dismissal would allow the claim to be re-filed, if necessary after the appeal was effected on the class claims. This proposal makes the trial quicker and, as the New Civil Procedure Code of Georgia states, retains the legal basis discussed at earlier stages while also helping to avoid statute of limitations issues.
Also Read: Ripple Targets $20 Trillion Custody Market with New Guide for Banks
Proposed Dismissal Brings Swift Resolution in Sight
The court’s proposal has garnered significant attention within the crypto community, as the Ripple case has already caused industry-wide turbulence. More significantly, the lawsuit resulted in a highly contentious decision that demanded the XRP traders’ identity and transaction history from the U.S.-based crypto exchange. Kraken disobeyed this mandate to safeguard its customers’ information, and earlier this year, a court found in favor of Kraken, aiding in establishing users’ privacy in crypto litigation cases.
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The parties involved now face a November 4, 2024, deadline to respond to the proposed resolution. They can either submit an amended order agreeing to the dismissal or indicate their stance with a notice. An agreement would also help speed up the case, possibly removing regulatory challenges for Ripple and opening the way for investment in XRP.
A swift conclusion would likely substantially impact XRP’s market standing by affirming its regulatory status in California and establishing a precedent that bolsters its non-security classification. This clarity would benefit XRP, especially as the market anticipates a favorable bull run in the coming months.
The November 4 deadline is critical for XRP holders and crypto enthusiasts, as a resolution could set the stage for XRP’s renewed market potential.
Also Read: Ripple CTO Criticizes Court Order in Legal Commentator’s Lawsuit, Sparks Free Speech Debate
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.