Ripple CEO: California court's ruling on Ripple lawsuit does not change the fact that XRP is not a security

Ripple CEO Brad Garlinghouse recently clarified the recent court ruling on the Ripple securities lawsuit. US Northern District of California Judge Phyllis J. Hamilton made a summary judgment on federal and state class action claims, but under California law, refused to make summary judgments on individual claims.

Garlinghouse further clarified: "There are many misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday on the class action lawsuit regarding XRP. It is accurate to say that this is a huge win...there is absolutely no decision that negates or changes the fact that XRP itself is not a security (according to the decision of the New York court)." He emphasized that "all class action lawsuits in the lawsuit have been dismissed," and that the California court's "ruling dismissed all allegations that Ripple's sale of XRP violated federal securities laws."