Ripple, an American blockchain company focusing on payments technologies, and major video platform YouTube have reached an agreement to end the court battle.
In a Twitter thread, the company CEO Brad Garlinghouse has announced that Ripple and YouTube have “now come to a resolution to work together to prevent, detect and take down these scams.”
Garlinghouse went on to say that specific settlement terms are confidential, but that it’s clear that “without accountability and action, trust erodes in this industry, at a crucial time when [governments] around the world are looking closely at crypto.”
Per the Ripple CEO, social platforms are beginning to acknowledge their role in allowing the continuance of crypto scams, and they “recognize the need to be part of the solution.”
As reported, Ripple and its CEO sued the video-sharing giant in April last year over scams impersonating both the company and Garlinghouse. The company alleged that YouTube was not implementing “sufficient processes” for fighting scams, which resulted in hundreds of thousands of dollars in XRP being taken from the victims. It further demanded that the platform be more aggressive and proactive in identifying scams, remove them once identified, and that they must not profit from the scams.
In November, the court granted YouTube’s motion to dismiss that version of Ripple’s complaint, as the platform argued that Ripple’s claims are barred under Section 230 of the Communications Decency Act, and that, given that YouTube is not a publisher of the third-party content, they are also not liable for it, and can’t be sued over it.
The CEO didn’t address the specific allegations or in what way they’ve been resolved/compromised on.
At the time of writing (12:08 PM UTC), XRP trades at USD 0.469 and is down by 3% in a day, trimming its weekly gains to 7%.
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Learn more:
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– Fact-checking Ripple’s Claim that ‘Many G20 Gov’ts’ Call XRP a ‘Currency’
– What SEC Crackdown? Japanese Giant SBI Starts Offering XRP Lending
– XRP Pumpers Hope For More Action; Cardano’s Hoskinson Warns of Pump&Dumps
– XRP Drops Despite Positive Report, A Lawsuit Over USD 50 Loss Emerges
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