More XRP holders are now against the SEC for causing them huge losses via its lawsuit.
The number of Ripple (XRP) holders represented by attorney John Deaton in a class action against the Securities and Exchange Commission has continued to increase.
Over 75,000 XRP holders have joined Deaton’s class action against the SEC. A few weeks after, attorney Deaton disclosed that the number of XRP holders in the suit had surpassed 71,000.
As the lawsuit between the SEC and Ripple enters the summary judgment phases, more XRP holders see the need to join Deaton’s class action.
The class action is due to the huge losses XRP investors suffered following a lawsuit filed by the SEC against Ripple. The Securities and Exchange Commission claims that XRP is a security, adding that Ripple breached U.S. securities laws by conducting an unregistered offering for the cryptocurrency in 2013.
After the SEC filed the lawsuit, several United States-based crypto exchanges like Coinbase were prompted to discontinue support for XRP. These cryptocurrency exchanges fear that the SEC could probe them for facilitating the trading of XRP, which it claims to be a security.
Following the de-listing of XRP from various U.S.-based exchanges, the value of XRP crashed tremendously, plunging many investors into huge losses. Ripple General Counsel Stuart Alderoty described the SEC lawsuit against the SEC as a rug pull on XRP investors.
Attorney Deaton’s Push for Justice
Meanwhile, attorney Deaton is determined to get justice for XRP victims of the SEC lawsuit, and the process has continued to gain momentum.
In a recent tweet, the Crypto Law founder called on the XRP community to provide info about Ripple, Bitcoin, and Ethereum’s market capitalization as of January 3, 2018.
“I need help with something. How can I determine how much of the total market cap Bitcoin, ETH, and XRP made up in January 2018?…” Deaton requested.
The official Crypto Law Twitter account also echoed Attorney Deaton’s request, asking community members to engage with Deaton for the required information as he continues to work on behalf of 75K XRP holders.
Please engage with @JohnEDeaton1 directly in the thread and follow him to get new requests for information as he continues his work on behalf of 75K XRP Holders in court. Thanks everyone! 🙏🙏
— CryptoLaw (@CryptoLawUS) October 12, 2022