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HomeCrypto NewsMarketDeaton and Over 75K XRP Holders Files Motion Challenging Lawsuit Claiming XRP Is A Security  

Deaton and Over 75K XRP Holders Files Motion Challenging Lawsuit Claiming XRP Is A Security  


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Pro-XRP attorney John Deaton has requested permission to file an amicus brief on behalf of XRP holders in the lawsuit between Zakinov v. Ripple. 

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The amicus brief attorney Deaton intends to file supports Ripple’s opposition to the plaintiff’s motion for class certification. 

The Case 

Earlier this week, prominent U.S. defense lawyer James K. Filan informed the XRP community that Deaton plans to challenge the assertion made by the plaintiff, claiming that Ripple offered unregistered security in the form of XRP.  

The lead plaintiff, named Vladi Zakinov, asked the court to certify a class of all XRP holders who bought the token, including those who have sold XRP and those holding at a loss. According to Filan, the proposed class includes all XRP holders, including the 75,890 XRP holders who hold a different view from the claimant’s and have also filed an amicus brief against the SEC in a similar case. 

Furthermore, the class would encompass direct Ripple’s sales of XRP, secondary market transactions of the token, and sales in countries where XRP is deemed a non-security. 

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Deaton and Over 75K XRP Holders’ Rebuttal 

Following the assertions, attorney Deaton, alongside 75,890 XRP holders and other XRP proponents like SpendTheBits, is requesting permission to file an amicus brief challenging the endorsement of the class. 

While the plaintiff opposes the request to file an amicus brief in the case, Ripple supports the move. According to Deaton, the plaintiff’s opposition to the request demonstrates that the interest of over 75K XRP holders will not be pursued and protected in the suit. 

Attorney Deaton said the plaintiff’s motion for class certification threatens to cause significant harm to XRP holders. In addition, the proposed amici argue that the plaintiff does not adequately represent the interest of all XRP holders, especially the 75,890 known XRP holders. The motion noted that the lead plaintiff is not an actual XRP holder but a day trader who speculates on the daily price movement of diverse crypto assets, including XRP. 

“Unlike the lead Plaintiff, who held XRP for less than two weeks, proposed amici and the tens of thousands of other XRP holders they represent, are long-time users and holders of the digital asset XRP,” an excerpt of the brief read. 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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