An attorney and renowned member of the XRP community, John Deaton, is addressing charges made by an investor in a lengthy litigation against Ripple.
Deaton has filed a request to submit an amicus brief in the case of Zakinov v. Ripple. The proposed class would include all XRP holders globally, as well as all XRP transactions, including secondary sales and overseas sales in countries where the disputed coin has already been deemed not to be a security.
Deaton will argue that the court should not certify the class because of disputes among XRP holders and the fact that only a tiny number of XRP holders assert that XRP is an unregistered security, although the majority of XRP holders feel it should be regulated as one.
Deaton will argue that the tiny number of plaintiffs in the lawsuit cannot properly represent the vast majority of those who disagree with them, including XRP holders in jurisdictions where XRP is not considered a security.
“Sorry, Zakinov doesn’t speak for me. When I originally purchased XRP, I looked up what FinCen described it as, which was a virtual currency. Thank you for stepping in, John Deaton “Jeffrey Miller, an investor in XRP, stated in a tweet.
The discussion over whether XRP is security has lasted a long time and remains heated. The conclusion of Zakinov v. Ripple might have a substantial influence on the future of XRP and the cryptocurrency industry as a whole.
The U.S. Securities and Exchange Commission’s complaint alleging that Ripple violated securities laws with its XRP sales provided the plaintiffs with new ammunition in their own case against the controversial business.
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