Attorney Fred Rispoli has responded to a recent news report regarding the certification of an investor class in a cryptocurrency securities lawsuit against Ripple Labs Inc. The lawsuit revolves around virtual token losses suffered by investors.
Despite the company’s opposition to the certification, the class fulfilled the necessary requirements, as stated by Judge Phyllis J. Hamilton of the US District Court for the Northern District of California on June 30.
This development raises questions about Ripple Labs’ legal strategy and the potential implications of a ruling in this case, especially if it contradicts the regulatory stance in New York. CEO brad garlinghouse 
brad garlinghouse
Brad Garlinghouse is the CEO of the financial technology company Ripple Labs, in 2012 by Chris Larsen and Jed McCaleb, and has a headcount of 1,120. It is a financial technology business that specializes in blockchain technology and the cryptocurrency XRP, founded by Brad Garlinghouse. He also played a unique and significant role in creating an advanced cross-border payment using blockchain technology. He is an extremely popular person across the globe in the crypto landscape. Brad has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. Joined Ripple as COO. He was promoted to be the CEO in December 2016. Initially, he worked at AOL and Yahoo! where he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo Courier divisions. While at Yahoo, he also wrote an inner updated version known as the Peanut Butter Manifesto, requiring the organization to zero in on its core business instead of expanding itself. He is one of the Top Speakers in the Crypto and Blockchain field, where he shares the knowledge and evolvement of the technology in the current space
Quick Facts
Full Name
Bradley Kent Garlinghouse
Birth
06-02-1971, in Topeka, Kansas
Nationality
American
Education
Bachelor's degree in Economics, MBA from Harvard Business School.
Net Worth
$10B (Refer here)
Ripple's native token, XRP is among the top digital assets. As per CoinGape, Brad's company has $100 billion worth of XRP tokens in its reserve. This will help further innovation in Web3 and blockchain projects. As per reports surfing on Binance’s blog, Brad Garlinghouse may step down as CEO of Ripple to join the Crypto Advisory Council, which is led by President Trump. This significant event will boost the adoption of decentralized finance and blockchain growth.
Brad Garlinghouse: Trivia
2007: Served as Senior VP at Yahoo!, heading communications and consumer products.
2012: Became CEO of Hightail, leading digital file-sharing innovations.
2015: Joined Ripple as COO to push blockchain adoption in cross-border payments.
2017: Became CEO of Ripple, driving XRP adoption and blockchain partnerships.
2020: Led Ripple’s defense against the SEC lawsuit over XRP’s security status.
2021: Expanded Ripple’s ODL (On-Demand Liquidity) network for global crypto payments.
2023: Got a partial success against the SEC, declaring XRP as not a security.
2024: Continue leading Ripple in CBDC collaborations and global blockchain finance.
2025: May join Trump's Crypto Advisory Council to set regulations.
Notable Works & Achievements by Brad Garlinghouse
Year
Achievements
Details
2003
Wrote the 'Peanut Butter Manifesto' at Yahoo!
Highlighted Yahoo!'s lack of focus in operations.
2015
Joined Ripple as Chief Operating Officer
Took measures to integrate blockchain technology into banking systems.
2017
Appointed CEO of Ripple
Expanded Ripple's global partnerships, enhancing cross-border payment solutions.
2020
Named in Forbes' List of Wealthiest in Cryptocurrency
Recognized for significant contributions to the crypto industry.
2023
Legal Victory in SEC vs. Ripple Case
Achieved a favorable ruling impacting cryptocurrency regulations.
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contested the certification.
However, their challenge was ultimately unsuccessful. The court’s decision to grant certification presents a significant hurdle for Ripple Labs, as it now faces a collective legal action from a certified class of investors.
The attorney said that he has not had access to the specific court order. However, Rispoli suggests that the certification of a class action is generally unfavorable for a company. He acknowledges that Ripple Labs has been engaging in a legal battle with the Securities and Exchange Commission (SEC), and he implies that the same legal strategy might apply to this case. Rispoli notes that the next step in the lawsuit would be a summary judgment, which indicates that the case may progress at a slower pace compared to the ongoing SEC case.
“The next step is summary judgment, so it is “behind” the pace of the SEC case. On a more important level, I need to do more research on what happens if XRP ruled not a security in New York but is a security in this Oakland case.”
He questions the scenario where XRP is ruled not to be a security in New York but is considered a security in the ongoing Oakland case. Rispoli seeks to understand the consequences and the impact this may have on Ripple Labs’ legal position and the overall regulatory turmoil surrounding XRP.
