Is the Zakinov vs Ripple Upcoming Summary Judgment a Turning Point for Ripple? Legal Expert Weighs In
In the ongoing legal battle between Ripple and Vladi Zakinov’s XRP investors, pro-XRP lawyer Fred Rispoli has made new statements that emphasize the significance of the upcoming summary judgment briefing in the Zakinov lawsuit. Rispoli draws parallels between this case and the SEC’s lawsuit against Ripple, highlighting the potential impact this briefing could have on Ripple’s fate. The recent ruling by Judge Analisa Torres, which declared that XRP is not a security but found Ripple guilty of institutional sales violations, adds to the importance of this new class action lawsuit. Let’s explore what this means for the parties involved.
The Zakinov lawsuit, which was initiated in 2018, accuses Ripple, CEO Brad Garlinghouse, and subsidiary XRP II of selling XRP to U.S. investors without proper registration as securities. The U.S. District Court for the Northern District of California has recently ordered the case to proceed as a class action, certifying two classes for the lawsuit: the Federal Securities Claim Class and the California State Securities Claim Class.
In response to a post from a member of the XRP community, Attorney Rispoli has highlighted a document related to the Zakinov lawsuit. This document serves as a notice to U.S.-based investors who held or sold XRP at a loss between July 3, 2017, and June 30, 2023. According to the notice from the Zakinov Class Action, eligible XRP investors have two options: either take no action and automatically be included in the class action or request exclusion from the litigation by April 5, 2024, in order to pursue separate legal action against Ripple in the future.
The outcome of the Zakinov lawsuit could have a significant impact on the case, similar to the role that the summary judgment briefing played in the SEC v. Ripple case. Ultimately, this could shape the legal landscape surrounding the classification of XRP and Ripple’s regulatory obligations.
On another front, in the Ripple vs SEC case, the SEC has requested a one-week extension for its remedies-related briefing in its ongoing lawsuit against Ripple Labs, Inc. This request, submitted on February 27, 2024, aims to provide enough time for both parties to fulfill their obligations in light of recent developments. The SEC wants to change the deadline for filing its opening brief in the remedies phase from March 13 to March 22, 2024. If approved, Ripple’s response deadline would move from April 12 to April 22, 2024, and the SEC’s deadline for a reply would extend from April 29 to May 6, 2024. Ripple has agreed to this change, demonstrating cooperation between the parties in handling the legal proceedings.
In conclusion, the Zakinov lawsuit and the ongoing SEC v. Ripple case are crucial legal battles for Ripple and its investors. The outcome of these cases will have a significant impact on Ripple’s future and the regulatory landscape surrounding XRP. Both cases highlight the need for careful consideration of legal obligations and potential remedies.