More Investors Join Deaton’s Class Action As Over 70K XRP Holders Now Stand With Ripple Against SEC

The number of XRP Holders Being Represented by Attorney Deaton in the Ripple vs. SEC Lawsuit Surpasses 70,000.

More XRP holders are joining Deaton’s class action against the SEC.

The number of Ripple (XRP) holders who have joined attorney John Deaton’s class action against the Securities and Exchange Commission (SEC) has been increasing rapidly in recent weeks. 

A few weeks back, the number of XRP holders who declared they were hurt by the SEC’s charges against Ripple was around 68,000. 

Interestingly, as of today, there are now over 70,000 XRP holders who have joined Deaton’s class action against the SEC. 

In a tweet shared by attorney Deaton today, a total of 70,100 XRP holders from all 50 states in the U.S. and 141 countries around the world have joined his lawsuit against the commission. 

“70,100 as of now. Gary Gensler & @SECEnfDirector, over 70K XRP Holders from diverse backgrounds from all 50 states, every U.S. territory, and 141 countries around the [world] have joined together to fight [vs] your unlawful expansion of Howey. You will lose the war,” attorney Deaton tweeted. 

70,100 as of now. @GaryGensler & @SECEnfDirector over 70K #XRPHolders from diverse backgrounds from all 50 states, every U.S. territory, and 141 Countries around the ? have joined together to fight ? your unlawful expansion of Howey.

You will lose the war. https://t.co/FHr5HkUxOh

— John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) August 8, 2022

Deaton Sues SEC for Harming XRP Holders

Recall that shortly after the SEC charged Ripple for conducting an unregistered securities offering in the United States, the price of XRP plummeted massively. 

Things became worse after cryptocurrency exchanges in the United States started delisting XRP from their trading platforms due to fear that they may be probed by the SEC for facilitating the trading of the crypto asset. 

Following the massive decline in XRP price, attorney Deaton said he might sue the SEC for wreaking havoc on investors. 

Attorney Deaton slammed the class action against the SEC on behalf of six movants. The move earned him and the six movants the Amici Curiae status in the case. 

Interestingly, as the Ripple vs. SEC lawsuit edges closer to expert deposition, more XRP holders have joined the class action. 

SEC Plans to Bar Deaton From the Lawsuit Fails

Meanwhile, the SEC tried to have attorney Deaton thrown out of the lawsuit. The SEC argued that attorney Deaton publicly announced the name of one of its experts, which attracted a series of threats and harassment to the witness. 

However, the agency did not succeed with its plans to have attorney Deaton thrown out of the lawsuit. Judge Analisa Torres, in a recent ruling, believes attorney Deaton will be useful in summary judgment where he can file an application to brief concerns with SEC’s experts. 

“Movants may file an application to brief their concerns regarding the SEC’s expert and other relevant and helpful matters concerning the parties’ contemplated motions for summary judgment,” Judge Torres said.