A prolonged legal battle, which may hold the key to XRP’s future, has been extended again. The class action lawsuit alleges that Ripple issued and sold the coin, one of the largest by market cap, as an unregistered security. The decision on the defendant’s motion to dismiss the lawsuit has been postponed. But even a victory for Ripple in the case might not bring an end to its troubles with XRP.
Also read: New Guidelines Subject Canadian Crypto Exchanges to Securities Laws
Judge Takes Under Submission Ripple’s Motion to Dismiss the Case
A ruling was expected from the U.S. District Court for the Northern District of California at a hearing on Wednesday, Jan. 15. However, Judge Phyllis J. Hamilton took the motion under submission and there’s no fixed date for her announcement. Ripple’s legal representatives asked the district judge to dismiss the case on Dec. 4, 2019.
The first lawsuits against Ripple Labs Inc., developer of the Ripple payment protocol, were filed by investors about two years ago. The current class-action suit…